Fully subscribed again


Arnhem – NPEX investors show yet another round of enthusiasm in gas producer’s growth opportunities. HyGear saw its Initial Public Offering (IPO) on NPEX fully subscribed in less than 2 days.

HyGear announced its issuance of an IPO with 434.780 share certificates priced at €5,75 each on 21st June 2017 to acquire €2.5 million in new capital. In less than 2 days, HyGear has proven to be stock exchange favourite again as the share certificates have been fully issued.

In 2015, the company changed its business model from selling installations that produce hydrogen at the end-users site to a full-service provider in gas delivery. HyGear invests in the installations, provides operational and maintenance services and retains ownership of the systems. For backup and peak supply, the company operates its own trailers and will commission their first hydrogen plant in Arnhem soon.

“With the change of the business model, we knew that financing would be a key element in our growth strategy and we are glad we met with NPEX, the SME platform for growth capital. Our strategy is to finance our so-called Pay-per-Use contracts with bonds and equity and NPEX has proven to be a platform that supports both,” says Marinus van Driel, HyGear’s CEO.

HyGear’s bond offering in February this year was oversubscribed in less than four days and the IPO that started yesterday late afternoon was sold out within 2 days. The reason to combine equity and debt offerings is that the company developed a strategy to maintain a comfortable solvency ratio and still seizes the opportunities for growth in its markets in Europe and Asia. The proceeds of both offerings which is a total of €5 million will be used to refinance the departure of HyGear’s shareholder, Abengoa, the investment in the hydrogen plant in Arnhem and the financing of new Pay-per-Use contracts.

“The enthusiasm of investors in our propositions strengthens us to continue on the pathway that we have chosen. With our partner, NPEX, we are ready and well positioned for our next growth cycle,” further comments Van Driel.

About HyGear

HyGear is known in the market for the development of compact installations for the production of industrial gases like hydrogen. The company is changing its business model from selling installations to so called GAAS solutions (Gas as a Service). Industrial end-users enter into long-term gas supply contracts and HyGear provides full services including back-up storage and supply of several gases. This will improve the long-term profitability but requires more capital in the near future.

Since its establishment, HyGear has developed into a profitable company with over sixty employees and offices and manufacturing facilities in The Netherlands and Singapore.


About NPEX

NPEX is the SME exchange in the Netherlands where enterprising investors can invest and trade in ambitious companies, who are seeking for growth financing. NPEX is under continuous supervision of the financial markets authority and the Dutch Central Bank. INKEF Capital is one of the shareholders of NPEX, a subsidiary of the general civil pension fund.


HyGear Media Contact 
Joanna Kwan
Asia +65 9169 4232
Europe +31 88 9494 302

NPEX Media Contact
Alan van Griethuysen
+31 6 50 52 30 04



HyGear: The Global Hydrogen Source

HyGear: The Global Hydrogen Source