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Norwegian Hydrogen acquires Finnish hydrogen refueling company HydRe Oy

2/3/2023

Targeting heavy trucks

They both target the heavy truck segment, and while HydRe's stronghold is Finland and with some promising leads in the Baltics, Norwegian Hydrogen currently have numerous projects in Sweden, Denmark and Norway.

The founders stay on

HydRe was established by three founders in 2021 as a spin-off of Flexens Oy Ab, a Finnish project developer and investor focused on flexible energy solutions. Flexens saw HydRe's hydrogen refueling station networks as a great opportunity, as global interest in green hydrogen is snowballing. With the exit from HydRe, Flexens fulfills its role as a spin-off incubator.

The three founders of HydRe all have experience from the biogas industry, having worked with the rollout of a network of biogas refueling stations. This operative experience complements the team at Norwegian Hydrogen in a great way. Two of the founders of will work full-time for the company going forward, whilst the third will join the company’s board of directors. – We are very excited to have all three founders with us going forward, says Voie.

- Also for us, this was really a perfect match, says Juho-Matti Uuksulainen, speaking on behalf of the three founders. - We have taken HydRe a long way in a short time, but to continue this development and growth we needed a stronger foundation. We found this in Norwegian Hydrogen. We look forward to the future journey with the strong owner as this will accelerate development of hydrogen refueling in Finland and the Baltics.

The parties have agreed not to disclose the purchase price, but Uuksulainen reveals that all three HydRe founders are reinvesting most of the purchase price in Norwegian Hydrogen shares. – We strongly believe that hydrogen is crucial to enable zero-emission trucking and that Norwegian Hydrogen will be a leading actor in making this happen. For us, it therefore only makes good sense to reinvest most of the purchase price and become shareholders in Norwegian Hydrogen.

Looking for more M&A opportunities

Voie of Norwegian Hydrogen is open for more transactions going forward. They have ambitious plans for organic growth, they also actively seek attractive partners that can strengthen their position even further. The hydrogen refueling scene is young, with many small companies. They believe strongly in economies of scale and are always open for discussions with potential partners that share our views.