Successful Deals with PwC: Alpiq acquires majority stake in P2X solutions

The Swiss Deals team is pleased to announce the acquisition of a majority stake (54.9%) in P2X Solutions OY (“P2X”), a Finnish pioneer in the production of green hydrogen, by Alpiq Group (“Alpiq”), a leading Swiss electricity producer. PwC acted as lead advisor to Alpiq and provided financial and tax due diligence services, as well as tax structuring, valuation, HR and deals strategy advice.

The acquisition was mainly done through a capital increase, but also included the purchase of a minority stake of an institutional investor. Following this transaction, Alpiq has the option to increase its shareholding to up to 100 percent by the end of 2028. P2X Solutions will be managed on a partnership basis and continue to be run as an independent company and founding partner Herkko Plit will remain as the CEO and as a shareholder.

P2X is a Finnish pioneer in green hydrogen and Power-to-X technology. P2X operates as a producer and distributor of green hydrogen and synthetic fuel and supplies hydrogen plants in a customer-oriented manner and on a turnkey basis, when needed. P2X is constructing the first industrial-scale green hydrogen production facility in Harjavalta, Finland, which is scheduled to be operational in early 2025. It has an installed electrolysis capacity of 20 MW, making it one of the largest of its kind in Europe.

P2X gives Alpiq a platform to produce green hydrogen and Power-to-X, and also to expand beyond Finland. There are also synergies with Alpiq’s commercial activities in the areas of origination and trading and with Alpiq’s own project pipeline in the area of hydrogen. These significant synergies will be achieved through Alpiq’s PPA business in the Nordics, the B2B sales activities, the expansion of Alpiq’s range to include hydrogen, and Alpiq’s flexibility expertise in the field of asset management.

The transaction was announced on April 12, 2024 (Alpiq press release).

The PwC team

M&A Lead Advisory

Marc Schmidli (Partner)

Alessandro Rossi (Senior Manager)

Robin Sutter (Senior Associate)

Financial Due Diligence

Frank Minder (Partner)

Michael Hardy (Partner, FI)

Manuel Belda Adell (Senior Manager)

Johan Danielsson (Manager, FI)

Tommy Häggblom (Associate, FI)

Tax Due Diligence and Tax Structuring

Karin Svennas (Partner, FI)

Mirka Danielsson (Director, FI)

Visa Kananoja (Senior Manager, FI)

Maria Saunajoki (Senior Asscociate, FI)

Vilma Melartin (Associate, FI)

Elin Enkvist (Associate, FI)

Valuation

Pascal Ziegler (Director)
Szymon Suliga (Manager)

HR Advice

Angela Bucher (Director)

Harri Hirvonen (Director, FI)

Carita Espo (Senior Associate, FI)

Deals Strategy

Claudio Prante (Partner)

Ari Muljana (Senior Manager)

Benjamin Bredero (Senior Manager)

Fynn Graue (Senior Associate)