Cropper(James) PLC Acquisition (8906L)
January 18 2021 - 01:00AM
UK Regulatory
TIDMCRPR
RNS Number : 8906L
Cropper(James) PLC
18 January 2021
James Cropper Acquires PV3 Technologies and Strengthens Hydrogen
Portfolio
18(th) January 2021
Technical Fibre Products Ltd (TFP), a subsidiary of James
Cropper PLC (LSE:CRPR), announces today 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 (James Cropper) and a
leading advanced nonwovens manufacturer, supplying materials into a
wide range of markets including aerospace, defence, composites,
wind energy and fuel cells. James Cropper 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.
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. PV3 serves a small number of customers,
mainly within the hydrogen sector and is well placed to grow within
the hydrogen production market and has existing capacity in place
to grow substantially. In addition to having complementary
technologies to TFP, PV3 also shares the same emphasis on customer
collaboration and product development. Following the acquisition,
PV3 Technologies will be called TFP Hydrogen Products Ltd.
The hydrogen economy has always been a strong focus for TFP,
which is one of the leading suppliers globally of gas diffusion
layer (GDL) substrates for fuel cells. Expanding TFP's hydrogen
portfolio strengthens James Cropper's position in a market which is
showing strong growth; 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. These growth prospects reflect the impetus for
a low carbon economy, with legislative changes, energy security
concerns and the decreasing costs of hydrogen improving its
competitiveness as an energy source. The acquisition of PV3
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.
Commenting on the acquisition, Phil Wild, CEO of James Cropper,
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. This acquisition
strengthens our position within the hydrogen economy, expands our
product offering and knowledge base, and creates opportunities for
further growth."
Dr David Hodgson, CEO of PV3 Technologies, commented that:
"We are delighted to be joining the James Cropper 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 nine years. The combination of TFP and PV3 will
leverage technology from both companies, particularly around metal
coating. PV3 Technologies 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."
More information
Shore Capital: Robert Finlay/John More/Henry Willcocks 020 7408 4050
James Cropper: Phil Wild/Isabelle Maddock 01539 818210
Notes to editors:
Technical Fibre Products (TFP) is a leading nonwoven
manufacturer, offering a broad choice of high quality, technically
advanced nonwovens for an array of challenging applications across
industries ranging from aerospace and defence to fuel cells,
automotive, energy, construction and healthcare. TFP is part of
James Cropper plc and continues the group's 175 year tradition of
building highly effective collaborative relationships with
customers, enabling the development of custom material solutions to
meet unique performance, process and aesthetic requirements.
www.tfpglobal.com
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