Man Energy Solutions enters agreement to acquire 40% stakes in H-tec Systems

Man Energy Solutions, a unit of carmaker Volkswagen, has entered into an agreement to acquire 40% stakes in H-tec Systems. 

H-tec Systems is a domestic electrolysis technology company that develops hydrogen technologies and produces stacks and electrolyzers for manufacturing hydrogen with electricity.

With this deal, Man will have two seats on a newly-established advisory board, while the current management team of the company remains the same. H-Tec will continue to operate as an independent company. 

The financial information about the transaction was not disclosed.