Hydrogen pioneer Arcola acquired in $40m deal
A hydrogen-powered lorry operated by Glasgow City Council
Hydrogen fuel pioneer Arcola Energy, which was one of the first occupants at the Michelin Scotland Innovation Parc in Dundee, has been acquired by a Canadian company.
Arcola has agreed a cash and shares offer from Nasdaq-listed Ballard Power Systems worth up to $40m (£30m).
London-based Arcola is establishing its main manufacturing facility at MSIP and also has a rail engineering facility at the Bo’ness and Kinneil Railway. It currently has 90 employees in the UK.
In March this year it secured £1.5million in regional selective assistance from Scottish Enterprise to create 135 jobs in Scotland over three years. It is not known whether any of this would be repaid as a result of the business being sold.
A Scottish Enterprise spokeswoman said: “Each RSA award is bespoke but they all have conditions attached, often relating to sustaining certain number of jobs or maintaining a presence/machinery etc. If the conditions are breached then there is route for clawback of the funding.”
Arcola is described as one of the fastest-growing hydrogen companies in the UK, working with local authorities, fleet operators and big manufacturers to meet their zero emission targets.
Fuel cell expert and CEO Ben Todd founded the company to bridge the gap between rapidly evolving clean energy technologies and end-user needs.
He stated: “The entire Arcola team is thrilled to combine our shared passion for decarbonising mobility and our unique expertise in fuel cell powertrain integration with Ballard’s world leading PEM fuel cell technology and market position in heavy-duty mobility.