Vision Hydrogen Corporation announced that it has monetized its 100% interest in its Vlissingen green H2 development project and its 50% interest in its Terneuzen green H2 development project through the sale of its Dutch interests to Volt Energy BV, wholly owned by its former co-CEO Andre Jurres. The Purchaser paid total consideration of USD $23,627,274, being $11,250,000 in cash and 1,768,182 shares of the Company’s common stock owned by the Purchaser valued at the current market price of $7.00 per share, reducing the Company’s outstanding common shares by 8.3%, to 19,548,776 shares of common stock outstanding. The cash proceeds realized by the Company, before deduction of transaction costs, represent a payment of approximately $0.58 cents per share.
“Consistent with our plan to fund our development trajectory through monetizing early-stage development projects, VisionH2 is pleased to have established proof of concept with our initial two projects,” said Andrew Hromyk, Vision Hydrogen CEO. “With numerous hydrogen and carbon abatement projects in very early stages of development across Europe and our proven method economically rewarded much earlier than forecast, the Company is well positioned for future growth.”