Advent Technologies Holdings acquired SerEnergy A/S and fischer eco solutions GmbH (FES) for Approximately EUR 52 million (EUR 15 million cash plus 5,124,846 shares of Advent common stock), a transaction completed in August 2021, structured as combination (cash plus stock).
SerEnergy A/S and fischer eco solutions GmbH (FES) operates in Stationary and off-grid HT-PEM fuel cell systems, is based in Denmark (SerEnergy) and Achern, Germany (FES). 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.
The acquired businesses specialize in manufacturing hydrogen fuel cell systems and align with Advent's ability to provide clean power in the stationary, remote, portable, and off-grid markets under its 'Any Fuel, Anywhere' strategy, adding European manufacturing scale and a commercialized HT-PEM product line.
A commercialized, methanol-powered HT-PEM fuel cell product line plus European manufacturing capability for stacks, MEAs, bipolar plates, and reformers. Extends Advent's HT-PEM MEA technology into complete stationary, remote, and off-grid systems and adds in-house component manufacturing at Achern, Germany. SerEnergy and FES became wholly owned Advent subsidiaries; Advent leased the relevant portion of fischer Group's Achern, Germany campus.
Advisory firms were not disclosed for this transaction.