Strategic move in the hydrogen sector: Gleiss Lutz advises Linde on joint venture and stake in ITM Power
Gleiss Lutz has advised the DAX-listed company Linde on the establishment of a 50/50 joint venture with ITM Power plc (ITM) and the simultaneous acquisition of a 20 per cent stake in the British hydrogen specialist. ITM manufactures PEM electrolyser systems used to produce carbon-neutral hydrogen through electrolysis.
The stake was acquired as part of an extensive capital increase intended to raise at least GBP 52 million for ITM. GBP 38 million – or EUR 42.7 million – of this comes from the strategic investment made by Linde via Linde UK Holdings No. 2 Limited. The German gas group is paying 40 pence – around EUR 0.45 – per new ITM share.
With the joint venture, Linde and ITM want to focus on delivering green hydrogen for major industrial projects.
The transaction was handled in-house by Karin Griggel and Markus Lingl.
The following Gleiss Lutz team advised Linde: Dr. Ralf Morshäuser (partner, Munich), Dr. Patrick Mossler (partner, Hamburg, both lead), Dr. Tobias Falkner (counsel), Melina Grauschopf (both Munich, all corporate/M&A), Dr. Alexander Molle (partner), Dr. Matthias Schilde (both IP, both Berlin), Dr. Petra Linsmeier (partner, competition/antitrust, Munich).