Metacon signs Master Supply Agreement with Ground Investment Corp SRL for a 10 MW turnkey green hydrogen project valued at 16,1 MEUR (approx. 177 MSEK)

Metacon AB (publ) has entered into a Master Supply Agreement (MSA) with Ground Investment Corp SRL, Romania (GIC) for a 10 MW containerised hydrogen generation plant with a value of 16 133 000 Euro, approximately 177 MSEK at today’s exchange rate. The agreement covers the supply of an integrated hydrogen system consisting of an electrolysis-based hydrogen production unit, a hydrogen compression and storage unit, a fuel-cell unit as well as an integrated hydrogen refuelling station. Project start and order is pending an EU grant decision for GIC.     

With this hydrogen generation plant of a total capacity of 10 MW (hydrogen production capacity equivalent to 4,3 tons per day), GIC aims at initially producing approximately 1,3 tons/day of renewable green hydrogen using renewable energy from a 30 MW wind-power plant for various purposes. Such purposes are to be able to balance the total energy production of the wind-power system, to refuel Fuel-Cell Electric Vehicles (FC-EV’s) and to supply compressed green hydrogen to third parties.

GIC is entering the development of complex projects for integrating green hydrogen systems in their existing renewable energy plants and selected Metacon as supplier to this project. The contract will be executed in two phases, Phase I and Phase II. Phase I consists of preparatory work such as project engineering, technical drawings, foundations drawings, etc. and will commence immediately after receiving notice of commencement from GIC. Phase II consists of delivery and installation works according to the agreed contract and includes a 10 MW electrolyser, a 1656 Nm3/h medium-pressure hydrogen compressor for approximately 4,6 tons of compressed hydrogen storage, a 1 MW Fuel-cell and a hydrogen refuelling station of min 300 kg/day fuelling capacity at 350 bars.

The parties have agreed that a precondition for the initiation of Phase I is that GIC has received the EU funding applied for the project. The estimation is that such decision will be made during the first half of 2023. The quotation for the contract is part of the application to the EU funding program. Should the EU funding not be granted, the Parties shall discuss in good faith the possibility to go ahead with the project anyway on the current conditions of the contract and/or if necessary, agree on relevant amendments to the contract.

The contract price for the works provided under Phases I and II amounts to 16,133,000 EUR, approximately 177 MSEK excl. VAT at today’s exchange rate. At the initiation of Phase I, the purchaser shall make an initial payment, amounting to 150,000 EUR excl. VAT.

"We are very pleased to have entered into this master supply agreement with Ground Investment Corp SRL on the Romanian market. The contract shows trust in Metacon’s ability to provide integrated hydrogen solutions for its international customers. This will be a pioneering multi-purpose green hydrogen project", says Christer Wikner, President & CEO of Metacon.

"We see very strong potential for green hydrogen and hydrogen applications in Romania. We are pleased to be able to team up with Metacon in this pioneering wind power-linked green hydrogen project,” comments Dan Oproescu, Managing Director of GIC.

This information is information that Metacon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person below, on 8 Dec 2022 at 12:30 CET.

For further information, please contact Christer Wikner, by phone at +46 (0)707-647389 or by e-mail at [email protected]

About Metacon AB (publ)

Metacon AB (publ) develops and manufactures energy systems for the production of hydrogen, heat and electricity. The core products are based on a patented technology that, through so called catalytic steam reforming of biogas or other hydrocarbons, generates hydrogen. The development of Metacon's reforming products is done within the wholly owned subsidiary Helbio, which is a spin-off from the University of Patra, Greece and was founded by Professor Xenophon Verykios in 2001. From the onset, the business has focused on catalysts and advanced reforming for high-efficiency hydrogen production.

Metacon also offers system solutions for the production of hydrogen through electrolysis, a large and globally growing area for small and large-scale production of green hydrogen. Electrolysis is a process of starting and driving a chemical reaction to split water by adding electricity. If the electricity used is non-fossil and green, the hydrogen will also become completely climate neutral and green. Green hydrogen can be used in, for example, the transport sector, the basic industry and the real estate sector with a better environment and climate as a result. https://metacon.se/

About Ground Investment Corp SRL

Ground Investment Corp SRL is a company active in the area of infrastructure works in the field of electrical energy, telecommunications and ITS, acting as EPC (engineering, procurement and construction) partner for various general contractors as well as developing its own energy projects in the renewable energy sector in Romania.

Additional  information may be found at

www.metacon.com | Twitter: @Metaconab | LinkedIn: www.linkedin.com/company/metaconab