US Advent Technologies to buy German Fischer Group's fuel cell systems ops

US fuel cell and hydrogen technology firm Advent Technologies Inc (NASDAQ:ADN) has agreed a EUR-52-million (USD 62.07m) deal to buy the fuel cell systems businesses of German Fischer Group, comprised of Denmark-based Serenergy A/S and Germany-based Fischer Eco Solutions GmbH.

Under the terms of the cash-and-stock deal, the buyer will pay EUR 15 million in cash, with the remainder of the consideration to be provided in stock, a press release said Friday.

Shares in Advent Technologies, which has a market capitalisation of about USD 430 million, closed 4.60% lower at USD 9.34 in New York on Friday.

Fischer Group is a family-owned supplier of longitudinally welded stainless steel tubes and components.

Serenergy, which was set up 15 years ago, manufactures high-temperature polymer electrolyte membrane fuel cells that operate with ecofuels and provides them primarily to off-grid and remote power markets in Europe and Asia. It employs some 75 people at its facilities in Aalborg and Manila, Philippines.

Achern-based Fischer Eco Solutions, with a staff of 17, manufactures fuel cell components, such as membrane electrode assemblies, bipolar plates, and reformers. It also offers fuel-cell stack assembly and testing.

The purchase of the two businesses will enable Advent to better respond to the growing global need for alternative power, as well to speed up its entry into the mobility markets, including in the heavy-duty truck and marine sectors, Advent Technologies’ CEO Vasilis Gregoriou noted.

The deal hinges upon regulatory clearance, among other customary closing conditions, and is expected to close in the third quarter of 2021.

Gleiss Lutz Hootz Hirsch PartmbB, Kromann Reumert, and Ropes and Gray served as Advent's advisers on the deal, whereas Fischer Group used the advisory services of Ernst & Young and Technafin.

(EUR 1.0 = USD 1.194)

Choose your newsletter by Renewables Now. Join for free!