Advent Technologies Holdings Inc. has entered into a definitive agreement to acquire the fuel cell systems businesses of Fischer Group for an aggregate consideration of cash and stock of EUR52 million (appoximately $62.04 million). These businesses include Serenergy A/S based in Aalborg, Denmark, and Fischer Eco Solutions GmbH, based in Achern, Germany.
SerEnergy is a manufacturer of high-temperature polymer electrolyte membrane fuel cells globally. FES provides fuel-cell stack assembly and testing as well as the production of critical fuel cell components, including membrane electrode assemblies, bipolar plates, and reformers.
“We are excited that Advent has reached an agreement with the Fischer family, which brings some of the world’s leading high-temperature fuel cell providers to our company and will contribute to our business momentum,” said Vasilis Gregoriou, chairman and CEO of Advent Technologies Holdings, Inc. “We look forward to partnering closely with the SerEnergy and FES teams in the coming weeks as we work toward closing the transaction. The transaction is expected to accelerate the implementation of our business plan and to expand Advent’s growing revenue base in full fuel cell stacks and systems. Together, we will provide a platform to meet the rapidly increasing demand for alternative power across the globe. This transaction is fully aligned with our “Any Fuel. Anywhere.” business focus and this, together with the previously completed UltraCell acquisition, makes Advent a global leader in the remote and off-grid power market fuel cell system production. Upon closing, we will share more details about this strategic investment and our strategy to integrate the SerEnergy and FES teams into the broader Advent family.”
“SerEnergy and FES have established state-of-the-art R&D and manufacturing operations in Denmark and Germany. We believe the acquisition significantly accelerates and de-risks our R&D human-resources and manufacturing scale-up production plan,” said Emory De Castro, CTO of Advent. “The next-generation Advent MEA, developed in the USA, will provide a significant cost advantage to the SerEnergy systems and be a catalyst for increasing market share. We believe that this is a marriage where the sum greatly exceeds the value of the parts.”
“The Fischer family is extremely excited to become a partner with Advent in a rapidly growing market. Dr. Gregoriou and his team have technology that will allow the business to become a leader in the broader fuel cell market,” said Hans-Peter Fischer, managing partner of Fischer Group. “Our fuel cell business has worked for 15 years to emerge as a leader in fuel cells for the stationary and off-grid markets. Our family is confident that the combination of this business with Advent will create a leader in the HT-PEM Fuel Cell market.”
Morten Sørensen, SerEnergy’s R&D Director, added, “Advent is ambitious and forward-thinking. They share our own views about the great opportunities for fuel cell technology and are in a position to make things happen very quickly. We see high potential for synergies across the companies in the group. SerEnergy’s 5kW reformed methanol fuel cells, our strong development team, and existing customer base perfectly complement Advent’s own technology and product line.”
The transaction consideration is EUR15 million in cash and EUR37 million in ADN shares based on Advent’s closing share price for the 20 trading days prior to closing, subject to certain closing adjustments.
Gleiss Lutz Hootz Hirsch PartmbB, Kromann Reumert, and Ropes & Gray acted as legal counsel to Advent. Ernst & Young and Technafin acted as counsel to Fischer Group.