Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns run through Advent's acquisitions — what it looks for, how it pays, and how it folds in what it buys.
2 acquisitions — each with the deal value, financing structure, target revenue, and executive commentary where disclosed.
Advent acquired 100% of the membership interests in UltraCell LLC, the fuel cell division of Bren-Tronics, Inc., under a Membership Interest Purchase Agreement signed and closed on February 18, 2021, for $4 million in cash and up to a further $6 million tied to milestones. UltraCell makes lightweight fuel cells for the portable power market; its NATO-approved, Made-in-the-USA battery chargers were already deployed by military and security agencies. Advent retained and expanded UltraCell's operations in Livermore, California, and paired UltraCell's lightweight stack expertise with Advent's high-temperature MEA technology. $4 million upfront, plus up to $6 million in milestone earnouts.
We are excited to welcome our long-time partners from UltraCell to the Advent family. The two teams share the same DNA and focus on innovation and have worked together for years, so we expect this to be a very successful combination.Dr. Vasilis Gregoriou — CEO & Founder, Advent Technologies
We are excited to join an ambitious public company that has a plan to revolutionize the fuel cell industry. I believe together with our new colleagues, we can bring to the global market products that make fuel cells affordable and ideal for the mobility industry.Ian Kaye — Founder & General Manager, UltraCell
Advent acquired all outstanding equity of SerEnergy A/S (a Danish fuel-cell systems maker) and fischer eco solutions GmbH (FES, a German fuel-cell components maker), together the fuel cell systems business of Germany's fischer Group, from seller F.E.R. fischer Edelstahlrohre GmbH. The Share Purchase Agreement was signed June 25, 2021 and closed August 31, 2021. SerEnergy is a leading manufacturer of methanol-powered high-temperature PEM fuel cells; FES handles stack assembly, testing, and production of critical components including membrane electrode assemblies, bipolar plates, and reformers at fischer Group's campus in Achern, Germany, which Advent agreed to lease. Consideration was roughly EUR 52 million, paid as EUR 15 million in cash plus 5,124,846 newly issued Advent shares. Approximately EUR 52 million (EUR 15 million cash plus 5,124,846 shares of Advent common stock).