TFP acquires PV3 technologies, strengthens hydrogen portfolio
Acquisition builds on capacity expansion, and TFP’s commitment to offer a wider range of green hydrogen technology solutions to the growing hydrogen market.
Photo Credit: TFP
Nonwovens manufacturer Technical Fibre Products Ltd. (TFP, Burneside, U.K.), a subsidiary of James Cropper PLC (U.K.), announced on Jan. 18 that it has entered into a definitive agreement to acquire PV3 Technologies Ltd. (PV3, Cornwall, U.K.), a company which specializes 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 will increase TFP’s portfolio of products for hydrogen technologies to provide new opportunities for growth and market penetration.
TFP says it 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.
“Fuel cells are already a key growth market for TFP; our nonwovens are used extensively as GDL [gas diffusion layer] substrates for fuel cells. Further, in the last financial year, TFP saw a 40% growth in sales into this sector,” says Martin Thompson, managing director of TFP Group. “The incorporation of PV3 will enable us to expand our product portfolio to offer catalyst powders for fuel cells as well as electrolyzer components used to generate green hydrogen as a fuel source.” Following the acquisition PV3 will be called TFP Hydrogen Products Ltd.
PV3, established in 2011, 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 electrolyzer 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.
“We are delighted to be joining the TFP group, which shares our passion for sustainability and the development of technologies for the hydrogen economy,” says Dr. David Hodgson, CEO of PV3 Technologies. “PV3 has optimized 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 will make full use of TFP’s global sales and marketing organization and a willingness to add capacity at scale to take advantage of opportunities as they arise.”
According to TFP, it is anticipated that the use of hydrogen will increase eightfold by 2050, from the 10 exajoules (EJ) used currently to 78 EJ in 2050, at which point it will fulfill 18% of the world’s total final energy demand. This growth is further 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 electrolyzer market is also set to grow at a CAGR of over 10% between 2020 and 2030, says TFP, further emphasizing the importance of the PV3 acquisition.
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