Advent Technologies acquires Fischer Group’s fuel cell systems business for €52 million.
The deal includes SerEnergy and Fischer Eco Solutions (FES).
Advent Technologies encompasses SerEnergy and FES
The transaction, scheduled for completion by the end of 2021, amounts to €15 million in cash and €37 million in shares.
The 75 SerEnergy employees in Denmark and the Philippines and the 17 FES employees will join Advent Technologies.
Advent Technologies will also manage the FES site in Achern, Germany, located on the Fischer Group campus.
High-potential companies
FES assembles and tests fuel cells and produces their components.
SerEnergy is one of the world’s leading manufacturers of high-temperature polymer electrolyte membrane (HT-PEM) fuel cells.
It has already delivered thousands of systems worldwide.
Using methanol, hydrogen and other zero-emission biofuels, SerEnergy targets the European and Asian off-grid power markets.
Its products respond to certain environmental emergencies, particularly in developing countries.
Its recent contract with Smart Communications proves its potential for off-grid powering of telecom towers and other critical infrastructures.
Benefits for Advent Technologies
According to Dr. Vasilis Gregoriou, CEO of the firm:
“The transaction […] makes Advent a world leader in the production of fuel cell systems for the remote and off-grid energy market.” “Advent’s next-generation membrane-electrode assembly […] will bring a significant competitive advantage to SerEnergy systems and will be a catalyst for increasing our market share.”
The expertise of SerEnergy and FES will ultimately enable Advent Technologies to extend its activities to the transportation market.
A promising synergy
Leaders from SerEnergy and Fischer Group both praised the agreement.
“Our 5kW reformed methanol fuel cells, strong development team and existing customer base perfectly complement Advent’s technology and product range,” said Morten Sørensen, SerEnergy’s R&D Director.
Hans-Peter Fischer, head of Fischer Group, is also convinced that the merger will create a market leader in HT-PEM fuel cells.
The agreement should therefore benefit both parties, as well as the fuel cell market.
It should contribute to the success of fuel cells as a promising source of clean energy.
