HYON to acquire a 19.5% stake in Rapid from Blue Concept for a 73.8% stake.

HYON, a hydrogen fueling solutions provider, completed the acquisition of a 19.5% stake in Rapid, a UK-based oil and gas company, from Blue Concept, a company wholly controlled by its Chairman - Geir Aune, for a 73.8% stake. Financial terms were not disclosed. “We have successfully established a business based on oil & gas assets in Rapid. The oil industry is in many geographical areas fragmented with a high number of smaller companies. We strongly believe in the role of being a catalyst for consolidation of smaller oil companies and production interests in order to attract financing, diversify risk and get economy of scale,” Geir Aune, Rapid and Blue Concept Chairman.