TFP is delighted to announce that it has entered into a definitive agreement to acquire PV3 Technologies Limited (PV3), a company which specialises in the development and manufacture of electrochemical materials used in the creation of green hydrogen. The acquisition is the latest step in TFP’s growth, building on recent capacity expansion, and it will increase TFP’s portfolio of products for hydrogen technologies to provide new opportunities for growth and market penetration.
TFP is a subsidiary of James Cropper PLC (LSE:CRPR) and a leading advanced nonwovens manufacturer, supplying materials into a wide range of markets including aerospace, defence, composites, wind energy and fuel cells. The company has been committed to advancing hydrogen fuel cell technology for over three decades, building the capacity and expertise to establish an already strong position in the market. Martin Thompson, Managing Director of TFP Group, said “The acquisition of PV3 Technologies is the latest step in TFP’s growth plans, providing the opportunity to further enhance TFP’s market position in the hydrogen economy. Fuel cells are already a key growth market for TFP, our nonwovens are used extensively as GDL substrates for fuel cells, and in the last financial year, TFP saw a 40% growth in sales into this sector. The incorporation of PV3 will enable us to expand our product portfolio to offer catalyst powders for fuel cells as well as electrolyser components used to generate green hydrogen as a fuel source. I am confident that this acquisition strengthens our position within the hydrogen economy, expanding our product offering and knowledge base, and creating opportunities for further growth and value creation.” Following the acquisition PV3 will be called TFP Hydrogen Products Ltd.
PV3, established in 2011 is based in Launceston, Cornwall, and is a specialist in materials for electrochemical technologies. The company develops and manufactures a range of products which include coated electrodes, high performance catalyst powders for use in fuel cells and electrolysis, as well as water electrolyser materials which improve system efficiency and durability, reducing the cost of green hydrogen. In addition to having complementary technologies to TFP, PV3 also shares the same emphasis on customer collaboration and product development. Dr David Hodgson, CEO of PV3 Technologies commented that “we are delighted to be joining the TFP group, which shares our passion for sustainability and the development of technologies for the hydrogen economy. PV3 has optimised its know-how in platinum group metal coatings to grow significantly over the last 9 years. The combination of TFP and PV3 will leverage technology from both companies, particularly around metal coating. PV3 will make full use of TFP’s global sales and marketing organisation and a willingness to add capacity at scale to take advantage of opportunities as they arise.”
The hydrogen economy has always been a strong focus for TFP as it encompasses the fuel cell market, where TFP is one of the leading suppliers of the gas diffusion layer (GDL) substrate globally. Expanding TFP’s hydrogen portfolio beyond this strengthens James Cropper’s position in a market which is showing strong growth globally; it is anticipated that the use of hydrogen will increase 8 fold by 2050, from the 10EJ used currently to 78EJ in 2050, at which point it will fulfil 18% of the world’s total final energy demand. This growth is strengthened by the impetus for an increasingly low carbon economy; with legislative changes, energy security and the decreasing costs of hydrogen improving its competitiveness. The acquisition of PV3, which specialises in coatings and catalysts for water electrolyser technologies, provides access to another aspect of the hydrogen economy - the electrolyser market, which is set to grow at a CAGR of over 10% between 2020 and 2030. This will ultimately enable TFP to offer innovative material solutions into multiple points of the supply chain for the green hydrogen economy.