Swiss energy company Alpiq has acquired the majority share of Finnish developer Enersense’s associated company P2X Solutions.
The two outfits have agreed on a financing arrangement in which Alpiq will invest approximately €47m in P2X. With the investment, Alpiq becomes the majority owner of the Finland-based outfit.
Respectively, in connection with the arrangement, Enersense’s shareholding will decrease to approximately 9%. Enersense continues at the Board of P2X and thus treats it as an associated company.
P2X’s ownership arrangement does not have a cash flow impact on Enersense, nor has it any impact on the investment’s balance sheet value.
P2X is currently constructing Finland’s first industrial scale green hydrogen production plant in Harjavalta, Finland. The company is also planning hydrogen production plants in Joensuu and Oulu.
“Enersense has been a co-owner of P2X since 2022,” said Enersense chief executive Jussi Holopainen (pictured).
“As an enabler of the energy transition, it is important for us to be part of building Finland’s hydrogen market, and it is wonderful to have an international specialist in renewable energy and the energy transition like Alpiq joining our efforts.
“By its significant investment, Alpiq substantially strengthens P2X’s position and ability to scale up their business. This is an indication of Alpiq’s strong faith in P2X in leading the way in hydrogen in Finland.
“We believe that this arrangement will also offer other cooperation opportunities as well.”