LONDON, April 15, 2025 /PRNewswire/ — FNZ has extended the deadline for three “catch-up” equity offers to 14 May 2025, in what appears to be an effort to manage growing discontent among employee shareholders.

Impacted shareholders, however, say the extension fails to address the fundamental issues: significant dilution, lack of transparency, conflicts of interest on the Board, uncommercial terms, and financial barriers that effectively exclude them from participating.

The three offers relate to equity raises in May 2024, August 2024, and most recently 12 April 2025. Together, these capital raisings have diluted employee shareholders by over US$4.5 billion – including US$1.5 billion from the most recent raise of US$500 million.

Despite the magnitude of these transactions, affected shareholders were not notified of the dilutive impact until early 2025 – months after the first two raises had already occurred. Notices regarding the 2024 raises were only issued in February this year, giving shareholders just 30 days to respond. FNZ has since extended this deadline three times, culminating in the new May cut-off.

But former employees say the real issues run deeper.

“It’s not about having more time,” said one shareholder, who asked to remain anonymous.

“The documents are complex, and I’m being asked to contribute money to retain equity that I was originally granted for years of work. That’s never been the model before.”

Another added: “The only reason I’d even consider investing is to avoid being diluted further. But the amount is way beyond what I or any of my colleagues would be able to afford. They know that, so they are just giving themselves a 200% return at the expense of my equity.”

Adding to the unease of the bullying tactics used to muzzle this shareholder class, a social media account on X (formerly Twitter) that had been sharing updates of media coverage about the situation was recently suspended. A new version of the account has since been launched at x.com/nzclassaction.

FNZ was founded in New Zealand in 2003, and remains domiciled there. The board’s actions may violate The New Zealand Companies Act 1993, and the shareholders have said that they will reserve the right to take the dispute to the New Zealand High Court if an agreement cannot be reached.

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BANGALORE, India, April 15, 2025 /PRNewswire/ — Water Electrolysis Equipment Market is Segmented by Type (PEM Electrolyzer, Alkaline Electrolyzer), by Application (Power to Gas, Chemical Industry and Refining, Metallurgy and Steel Industry, Hydrogen Refueling Station, Power Industry, Electronics and Semiconductor).

The Global Water Electrolysis Equipment Market was valued at USD 885 Million in 2023 and is anticipated to reach USD 18840 Million by 2030, witnessing a CAGR of 51.3% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Water Electrolysis Equipment Market:

The water electrolysis equipment market is witnessing robust growth driven by global energy transition efforts and the accelerating adoption of hydrogen as a clean energy carrier. The rising demand across industrial sectors, coupled with strong policy backing and falling system costs, is fueling market expansion. Both PEM and alkaline technologies are gaining ground, with newer entrants exploring solid oxide alternatives. Strategic collaborations, green hydrogen mega projects, and integration with renewables are propelling innovation and commercialization. As hydrogen becomes central to decarbonization, the market is poised for sustained, long-term development across diverse applications.

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TRENDS INFLUENCING THE GROWTH OF THE WATER ELECTROLYSIS EQUIPMENT MARKET:

Proton Exchange Membrane (PEM) electrolyzers are significantly contributing to the expansion of the water electrolysis equipment market due to their high efficiency and compact design. These systems are particularly favorable for dynamic operations and intermittent power supply from renewable sources like solar and wind. Their ability to operate at high current densities and produce high-purity hydrogen with rapid startup and shutdown cycles makes them ideal for energy storage and industrial hydrogen demand. Additionally, PEM electrolyzers are witnessing growing deployment in transportation applications, particularly for fuel cell vehicles, thereby expanding the scope of green hydrogen production. As countries push toward decarbonization, PEM electrolyzers play a pivotal role in enabling clean hydrogen ecosystems.

Alkaline electrolyzers are propelling the growth of the water electrolysis equipment market owing to their technological maturity, cost-effectiveness, and large-scale hydrogen production capabilities. These systems are widely used in industries such as chemicals, fertilizers, and metallurgy where continuous hydrogen supply is essential. Their long operational lifespan and lower capital costs compared to PEM systems make them particularly attractive for industrial-scale hydrogen production. Furthermore, governments and industries are revisiting alkaline systems with modernization upgrades to enhance energy efficiency and integrate them with renewable sources. This renewed interest, combined with their historical reliability, is reinforcing alkaline electrolyzers as a cornerstone in scaling up green hydrogen infrastructure.

Power to Gas (P2G) technologies are driving demand for water electrolysis equipment as they enable the conversion of excess renewable electricity into storable hydrogen or synthetic methane. This approach supports grid stability by utilizing surplus electricity and bridging seasonal energy supply gaps. Water electrolysis acts as the fundamental enabler in P2G by splitting water into hydrogen, which can be injected into natural gas pipelines or used directly in industrial applications. As energy transition accelerates, the integration of electrolysis units into P2G systems provides utilities and grid operators with a scalable solution for energy balancing and decarbonization, thereby fueling market growth.

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National hydrogen strategies and policy frameworks are catalyzing market adoption. Several countries have introduced subsidies, grants, and regulatory support to encourage investment in electrolysis technologies. These initiatives are not only reducing the financial risks associated with large-scale projects but also boosting industry confidence in long-term hydrogen infrastructure development.

Industrial decarbonization goals are prompting sectors like steel, cement, and chemicals to adopt hydrogen as a clean energy substitute. Water electrolysis provides an efficient, zero-emission method of producing hydrogen, aligning perfectly with corporate ESG targets and carbon neutrality pathways, thereby expanding demand for electrolysis systems.

The global scale-up of solar and wind power installations is creating an environment conducive to electrolysis. These renewable sources supply the required electricity for electrolysis, allowing hydrogen to be produced cleanly and sustainably. The synchronization of electrolyzers with renewable energy grids enhances energy utilization and supports the growth of the hydrogen economy.

Fuel cell vehicles and hydrogen refueling infrastructure are gaining momentum, particularly in public transport and logistics. Electrolysis systems offer a clean method for producing hydrogen fuel on-site, reducing dependence on fossil-based hydrogen and cutting emissions in the transportation sector. This surge in fuel demand propels the electrolyzer market forward.

The adoption of hybrid renewable-electrolyzer systems for energy-intensive industrial processes is becoming a key growth driver. These setups enhance energy efficiency and reduce overall emissions. The seamless integration of electrolyzers into existing industrial ecosystems provides scalability and operational flexibility, expanding their market footprint.

Advancements in manufacturing and economies of scale are driving down the costs of electrolysis units. Innovations in catalyst materials, membrane technology, and modular design are improving system efficiency and lifespan. These trends are making electrolyzers more accessible to a broader range of end users, from SMEs to utilities.

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WATER ELECTROLYSIS EQUIPMENT MARKET SHARE:

Global key players of Water Electrolysis Equipment include Nel Hydrogen, Siemens, Plug Power, PERIC Hydrogen Technologies, Hydrogen Pro, etc. The top five players hold a share of about 46%.

China is the world’s largest market for Water Electrolysis Equipment and holds a share of about 37%, followed by Europe and North America, with shares about 31% and 21%, separately.

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In terms of product type, Alkaline Electrolyzer is the largest segment, accounting for a share of about 55%.

In terms of application, Power to Gas is the largest field with a share of about 38 percent.

Key Companies:

• Cummins
• Siemens AG
• Teledyne Energy Systems
• EM Solution
• McPhy
• Nel Hydrogen
• TianJin Mainland
• ShaanXi HuaQin
• Beijing Zhongdian
• H2B2
• PERIC Hydrogen Technologies
• LONGi Green Energy Technology
• Sungrow Power Supply
• Hydrogen Pro
• Plug Power
• Cockerill Jingli Hydrogen
• Thyssenkrupp AG
• Sunfire
• SANY Hydrogen
• Shandong Saikesaisi Hydrogen Energy
• CIMC GH2 Technology
• Verde Hydrogen
• SPIC Hydrogen Technology

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

–          Water Electrolysis Hydrogen Equipment Market was valued at USD 1801 Million in the year 2024 and is projected to reach a revised size of USD 24170 Million by 2031, growing at a CAGR of 45.6% during the forecast period.

–          Water Electrolysis Market     

–          PEM Water Electrolysis Equipment for Hydrogen Production Market

–          Electrolyzed Water Generation Equipment Market

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–          Seawater Electrolysis System Market

–          Alkaline Water Electrolysis System Market

–          Water Electrolysis Proton Exchange Membrane Market

–          Electrolyzer Market was estimated to be worth USD 308 Million and is forecast to reach approximately USD 999 Million by 2030 with a CAGR of 18.6% during the forecast period 2024-2030.

–          Alkaline Water Electrolysis Hydrogen Production System Market

–          Electrolytic Water Hydrogen Production Equipment Market

–          Catalyst for Hydrogen Production from Water Electrolysis Market was valued at USD 183 Million in the year 2024 and is projected to reach a revised size of USD 1927 Million by 2031, growing at a CAGR of 40.5% during the forecast period.

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RIYADH, Saudi Arabia, April 15, 2025 /PRNewswire/ — The second edition of the Human Capability Initiative (HCI), has concluded, hosting over 300 influential leaders, policymakers, and global experts from 40 countries, including academia, private sector, international organizations, and non-profits.

HCI 2025 was held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Chairman of the Human Capability Development Program Committee (HCDP), the organization which hosts HCI.

HCI 2025 welcomed over 13,000 participants from 120 countries to the King Abdulaziz International Conference Center in Riyadh under the theme #BeyondReadiness. The conference saw over 100 agreements announced across industry and various economic sectors, with a total investment of SAR8.5bn (US$2.2bn). Among the key agreements, the prestigious London Business School revealed plans to establish a new office in Riyadh.

This year’s event brought together a stellar lineup, with senior government officials such as the Deputy Prime Minister and Minister of Education of South Korea, joining leaders from the private and nonprofit sectors. Global organizations and top academic institutions were also represented, including the World Bank, International Labor Organization (ILO), World Economic Forum (WEF), United Nations Development Program (UNDP), and UNICEF, as well as Microsoft, Google for Education, Apple Academy, University of Chicago’s Harris School of Public Policy and London Business School. The conference served as a dynamic platform for fostering collaboration and innovation in addressing the challenges of a rapidly changing labor market.

Speaking at the conference, Dr. Majid bin Abdullah Al-Kassabi, Minister of Commerce, said: “Saudi Arabia today is moving…from ambition to action. Vision 2030 is no longer a roadmap, it’s no longer a blueprint. It’s transformation in motion, reflecting the ambitions of the Kingdom’s leadership and reaffirming Saudi Arabia’s commitment to building a prosperous future for its people and strengthening its leadership on both regional and global fronts.”

During his opening remarks on the second day of the conference, H.E. Eng. Ahmed bin Sulaiman AlRajhi, Saudi Minister of Human Resources & Social Development, said: “Throughout history, progress has been driven by those willing to adapt, to innovate, and to embrace change. Today we find ourselves at a time when human capital is not a subset of economy and fiscal policy, it is the defining variable of global prosperity.”

In his closing address, H.E. Yousef Al-Benyan, Minister of Education, said: “Throughout this conference, we engaged in powerful dialogues and shared innovative insights that underscore the extraordinary potential within every individual. HCI 2025 demonstrated that sustainable human capability development and meaningful impact require cross-sector partnerships, collective responsibility, and strategic alignment across governments, private sectors, academic institutions and civil society.”

HCI hosted a ministerial roundtable, bringing together international human capability development officials alongside leading international experts in education and technology, as well as representatives from local and international organizations. The discussion centered on the theme ‘AI Skills for All’, which delved into strategies to ensure equitable access to this transformative technology.

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The conference also marked the launch of the ‘Future Skills Initiative’ by H.E. the Minister of Commerce and Chair of the Economic and Social Committee of the Saudi–UK Strategic Partnership Council. This initiative seeks to foster the exchange of expertise to cultivate future-ready skills across 13 high-potential sectors. The launch was attended by 40 government officials and 100 business leaders from Saudi Arabia and the United Kingdom.

This year’s agenda focused on pioneering innovative learning models to equip individuals with the skills and knowledge needed to thrive in an evolving labor market shaped by rapid technological advancements, particularly in artificial intelligence (AI).

At the conclusion of the conference, the Minister of Education and Chairman of the Executive Committee of the Human Capability Development Program, alongside Eng. Anas Al-Mudaifer, CEO, and Dr. Bedour Alrayes, Vice President of the Human Capability Development Program (HCDP), extended their gratitude to HCI partners across the public, private, and nonprofit sectors – both within the Kingdom and globally – for their contributions to the event’s success.

The conference also provided speakers and delegates the chance to engage in Saudi culture, with the venue offering musical performances, traditional craft workshops and the taste of world-famous Saudi coffee.

Notes to Editors

About Human Capability Initiative (HCI):

The Human Capability Initiative (HCI) is the first global cooperative platform designed to unify international efforts and enrich global dialogue on the challenges and opportunities for developing human capabilities. Organized by the Human Capability Development Program – a part of the Vision 2030 realization programs – in partnership with Ministry of Education, HCI unites government entities, the private sector, and nonprofit organizations to foster collaboration and drive innovation in the realm of human capabilities.

The conference took place on 13 – 14 April, 2025 at the King Abdulaziz International Conference Center in Riyadh under the theme ‘Beyond Readiness’.

For more information, contact media@humancapabilityinitiative.org or visit:

Program: https://humancapabilityinitiative.org/wp-content/uploads/2025/04/HCI-2025-Official-Program.pdf
Website: www.humancapabilityinitiative.org 
X: https://x.com/HCI_KSA 
Instagram: https://www.instagram.com/hci_ksa/?next=%2F 
YouTube: https://www.youtube.com/@HCI_KSA/videos 

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About the Human Capability Development Program (HCDP):

HCDP is one of the Vision 2030 Realization Programs (VRP) that aims to position the Kingdom of Saudi Arabia as a global leader. HCDP will prepare citizens with the required skills, values and knowledge to compete globally.

https://www.vision2030.gov.sa/v2030/vrps/hcdp/

About Saudi Vision 2030:

Under the leadership of the Custodian of the Two Holy Mosques, Saudi Vision 2030 was launched by His Royal Highness Prince Mohammed bin Salman Al Saud, Crown Prince, and Prime Minister, with a roadmap to build Saudi Arabia’s prosperous and bright future through a vibrant society, a thriving economy, and an ambitious nation.

https://www.vision2030.gov.sa

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