The Swedish energy technology firm purchased the assets for SEK 3.5m ($315m), although they were originally procured by the Hynion AS subsidiary for approximately SEK 67m ($6m).

Components such as high-quality station equipment will help fill gaps or replace parts in Metacon’s currently hydrogen refuelling station projects under construction.

“The acquisition allows Metacon to cost-effectively complement any needs in existing projects, including aftermarket, as well as to use the components in future projects,” the firm said in a statement.

Financing the acquisition was made possible through the planned resale of individual components.

Christer Wikner, President and CEO at Metacon, said after “several years of slow development,” Metacon is now seeing signs “that the market is taking shape” with increasing needs for hydrogen infrastructure.

However, low market demand, financial difficulties and delayed financing led to Norwegian refuelling firm Hynion Sverige going bankrupt last May.

While Hynion AS was not affected, the subsidiary worked “intensively to secure new financing.

The company explained, “Combined with the subsidiary’s debt burden, a challenging market environment, and low demand for hydrogen vehicles in Sweden, the delay has made continued operations unsustainable.”