Today (18 January), the Cumbria-headquartered papermaker announced it had reached a definitive agreement to buy PV3 Technologies, based in Cornwall.

PV3 develops and makes a range of products including coated electrodes, high performance catalyst powders for use in fuel cells and electrolysis, as well as water electrolyser materials that reduce the costs of green hydrogen.

James Cropper said that the hydrogen economy, which is predicted to grow strongly, had been an area of focus for TFP for some time.

Chief executive Phil Wild commented: “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 gas diffusion layer substrates for fuel cells and, in the last financial year, TFP saw a 40% growth in sales into this sector.

He said the acquisition of PV3 would expand Cropper’s product portfolio and knowledge base, and strengthen the group’s position within the hydrogen economy, creating “opportunities for further growth”.

The PV3 operation is being renamed TFP Hydrogen Products.

The terms of the deal were not disclosed.

James Cropper had sales of £104.7m in its most recent results.