BURNESIDE, UK, January 18, 2021-

Technical Fibre Products Ltd (TFP), a subsidiary of James Cropper PLC (LSE:CRPR), announces today that it has entered into a definitive agreement to acquire PV3 Technologies Limited (PV3), a company which specialises in the development and manufacture of electrochemical materials used in the creation of green hydrogen. The acquisition is the latest step in TFP’s growth, building on recent capacity expansion, and it will increase TFP’s portfolio of products for hydrogen technologies to provide new opportunities for growth and market penetration.

TFP is a subsidiary of James Cropper PLC (LSE:CRPR) and a leading advanced nonwovens manufacturer, supplying materials into a wide range of markets including aerospace, defence, composites, wind energy and fuel cells. The company has been committed to advancing hydrogen fuel cell technology for over three decades, building the capacity and expertise to establish an already strong position in the market. Martin Thompson, Managing Director of TFP Group, said “The acquisition of PV3 Technologies is the latest step in TFP’s growth plans, providing the opportunity to further enhance TFP’s market position in the hydrogen economy. Fuel cells are already a key growth market for TFP, our nonwovens are used extensively as GDL substrates for fuel cells, and in the last financial year, TFP saw a 40% growth in sales into this sector. The incorporation of PV3 will enable us to expand our product portfolio to offer catalyst powders for fuel cells as well as electrolyser components used to generate green hydrogen as a fuel source. I am confident that this acquisition strengthens our position within the hydrogen economy, expanding our product offering and knowledge base, and creating opportunities for further growth and value creation.” Following the acquisition PV3 will be called TFP Hydrogen Products Ltd.

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