Advent Technologies Holdings acquired UltraCell LLC for $4 million upfront, plus up to $6 million in milestone earnouts, a transaction completed in February 2021, structured as all cash (plus contingent milestone payments).
UltraCell LLC operates in Portable and lightweight fuel cell systems, is based in Livermore, California, USA. 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.
Advent framed UltraCell as a high-value acquisition to extend its range in the fuel cell market and to add mature, field-proven portable products and a U.S. manufacturing base, combining UltraCell's lightweight stack innovations with Advent's next-generation HT-PEM MEA technology co-developed with the U.S. Department of Energy.
Mature, NATO-approved portable fuel cell products with field deployments and a Made-in-the-USA manufacturing footprint. UltraCell's lightweight fuel cell systems rely on Advent's high-temperature MEAs and support Advent's next-generation systems for commercial drone, aviation, and heavy-duty automotive markets. Retained and expanded as Advent's Livermore, California operations alongside its Boston operations.
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
Advisory firms were not disclosed for this transaction.