Dutch manufacturer of compact gas installations seizes opportunity.


ARNHEM – HYGEAR, innovator in industrial gas supply, like hydrogen, prepares for further growth by issuing shares in an Initial Public Offering (IPO) on NPEX, the exchange platform for growth capital.

In total, HyGear announced to acquire €2.5 million new capital by issuing 343.780 share certificates with an IPO price of €5.75 each. HyGear, a brand name of The Netherlands-based Green Vision Holding, aims to use the proceeds of the offering to finance the departure of its shareholder, Abengoa and to further invest in its “Gas as a Service” business model.

HyGear is one of the NPEX market favorites. Earlier this year, investors massively subscribed to a bond offering that was fully allotted within four days.

NPEX Director, Alan van Griethuysen describes the decision of HyGear to return to the Market with a share certificate offering as an important sign of confidence in the attractiveness of the NPEX platform for growth funding. “This is another example of an ambitious company that recognizes NPEX as their partner for financing.”

HyGear’s market capitalization was determined by an external valuator at €22.6 million.  The current shareholders decided to use this valuation for the IPO pricing and refrain from charging premiums for future opportunities related to economies of scale in production and new innovations. Several professional investors already subscribed to the offering in the early trading of the IPO on Wednesday, 21st June 2017. With these investments, the financing of the Abengoa transaction and part of the new Gas as a Service contracts is already secured.

Besides this, HyGear’s Management also increases its stake in the company by investing in share certificates showing confidence in the company’s bright future.

“The IPO price is based on our current business plan and existing shareholders have decided not to include the upward potential from future product development results or strategic opportunities. Therefore, new and existing shareholders will benefit equally from future growth in company value,” says Marinus van Driel, HyGear’s CEO.

The company’s shares should be considered as growth shares. Still, HyGear established a modest dividend policy in recent years, in which two-thirds of the profits after tax was paid to shareholders and on-third was invested in further growth.

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
06 50 52 30 04




HyGear: The Global Hydrogen Source

HyGear: The Global Hydrogen Source