Metacon Has Signed an Add-on Agreement for PERIC's Pressurized Alkaline Stack Technology for Large Electrolysers

Metacon has, through its wholly-owned subsidiary Metacon Technology AB, signed a supplementary agreement (the "Supplementary Agreement") to the existing OEM License and Manufacturing Agreement that was announced on January 25, 2024, with PERIC Hydrogen Technologies Co., Ltd..

The Supplementary Agreement gives Metacon the right, based on the existing license agreement, to also manufacture the so-called "stacks," which are the central modules in electrolysis systems where water is split into oxygen and hydrogen. At the same time, this opens a completely new and potentially very large and long-term business for Metacon in the aftermarket, as these stacks are designed to be picked out and undergo regeneration at a cost-optimized time for each customer. The Supplementary Agreement also extends the term of the first phase of the overall license from five to eight years from the start of production. PERIC has never before entered a similar partnership with any actor inside or outside China.

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As previously communicated, Metacon has an ongoing project to manufacture, quality assure, and sell its own electrolysis plants with pressurized stacks to the industrial sector investing in large-scale fossil-free hydrogen production. The new supplementary agreement complements Metacon's strategy, which aims to create a unique and world-leading technology portfolio for all significant methods of producing fossil-free "green" hydrogen, including decentralized reforming, where the company already owns technology and is developing other products independent of the electricity grid.

PERIC is the original hydrogen research and development institute in China and has over 60 years of experience. It is among the world's leading investors in clean hydrogen research, development, and production, expecting to reach 6.5 GW of production capacity in China by 2025.

PERIC is a market leader in large, pressurized stacks and has launched 5 MW, 10 MW, and 15 MW stacks, the latter being the largest in the world today. This is expected to provide a significant competitive advantage, particularly for customers with very large production needs, such as in refineries, fossil-free steel, green fertilizers, green ammonia, and electrofuels such as "e-methanol" for shipping. The scale of these developments enables economies of scale, cost-efficiency, and layout simplifications for hydrogen production facilities.

Under the partnership with PERIC, Metacon will be able to build its own complete electrolysis plants under its own name and brand, initially using core components from PERIC. Metacon will adapt the systems to meet European requirements and manufacturing standards, ensuring that large portions of the electrolysis plants can be built with local components to maximize sustainability aspects. This agreement enhances Metacon's market presence in Europe and beyond, as PERIC has expressed a willingness to allocate capacity to Metacon on a case-by-case basis. The ability to purchase core components from PERIC allows Metacon to accelerate production with relatively limited investment.

"I am extremely happy and proud to announce that we are now further strengthening our partnership with PERIC and providing ourselves and PERIC with the conditions to be able to build a highly competitive European production of one of the world's most proven and cost-effective electrolysis platforms for the first time in history," commented Christer Wikner, President and CEO, Metacon.

This information is information that Metacon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on February 28, 2025, at 15:05 CET.

About Metacon AB (publ)

Metacon AB (publ) develops and manufactures energy systems to produce fossil-free "green" hydrogen. Within the Electrolysis business unit, and in close cooperation with world-leading PERIC Hydrogen Technologies Co., Handan, China, Metacon offers complete electrolysis plants for large-scale hydrogen production. Metacon also provides production-integrated hydrogen refueling stations, a globally expanding sector in hydrogen transport.

The products within the Reforming business unit are based on Metacon's patented HIWAR® technology, which generates hydrogen through catalytic steam reforming of biogas or other hydrocarbons such as bioethanol. Development of Metacon's reforming products takes place within the wholly-owned subsidiary Metacon S.A. in Patras, Greece. The business is focused on catalytic process chemistry and advanced, compact reformers for high-efficiency hydrogen production. More information is available at www.metacon.com.

About PERIC Hydrogen Technologies

PERIC Hydrogen Technologies Co., Ltd. (PERIC or Purification Equipment Research Institute of CSSC) is a wholly-owned subsidiary of China State Shipbuilding Corporation (CSSC)—one of the world's largest shipbuilders. PERIC is headquartered in Handan City, Hebei Province, China, and specializes in hydrogen production systems, hydrogen research and development, and hydrogen as an energy carrier. The company has a world-leading organization of professional scientists, technicians, and engineers, supported by extensive commissioning and machine workshops.

PERIC’s annual production capacity in 2025 is projected to reach 6.5 GW, with significant scale-up projects underway. The company has produced and sold more than 1,000 plants, exporting to over 30 countries and regions, including Europe, North America, the Middle East, East Asia, South Asia, Southeast Asia, and Africa. Over 60 years of sustained development have allowed PERIC to build a world-leading portfolio of hydrogen technologies.

For more information, visit www.metacon.com or follow Metacon on LinkedIn.

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SOURCE: Metacon AB