Advent Technologies Announces Acquisition of the fischer Group’s Fuel Cell Systems Businesses
September 01 2021 - 7:00AM
Business Wire
Acquisition of Serenergy A/S and fischer eco
solutions GmbH closes in accordance with share purchase agreement
entered into on June 25, 2021
Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”)
today announced that it had successfully closed its acquisition of
Serenergy A/S (“SerEnergy”) and fischer eco solutions GmbH (“FES”),
the fuel cell business of the fischer Group.
SerEnergy, which operates facilities in Aalborg, Denmark, and in
Metro Manila, Philippines, is a leading manufacturer of
high-temperature polymer electrolyte membrane (“HT-PEM”) fuel cells
globally, with thousands of systems shipped around the globe during
its 15 years of operation. The company employs approximately 75
people across its two locations in research and development
(“R&D”), production, sales and service, all with expertise in
the area of HT-PEM fuel cell systems. SerEnergy manufactures
remote, off-grid power fuel cell systems that are a natural fit for
Advent’s “Any Fuel. Anywhere.” strategy and portfolio.
FES, which operates out of a facility on fischer Group's campus
in Achern, Germany, provides fuel-cell stack assembly and testing
as well as the production of critical fuel cell components,
including membrane electrode assemblies ("MEAs"), bipolar plates,
and reformers. Effective as of the closing of the transaction,
Advent entered into a lease for the portion of the fischer Group’s
campus used by FES. Its 17 employees, along with all of SerEnergy’s
employees, are expected to remain with Advent.
Dr. Vasilis Gregoriou, Chairman and CEO of Advent, remarked, “We
are excited to welcome the highly skilled and innovative team of
SerEnergy and fischer eco solutions to the Advent family. The
technical expertise and manufacturing capabilities of our new
colleagues in Denmark and Germany are an excellent match for our
strategic growth plan. We expect the SerEnergy off-grid and
telecom-tower products to benefit significantly from Advent’s
product development advances in new materials. In return, we expect
that the manufacturing experience they bring will further
accelerate our go-to-market plan. This acquisition is expected to
position Advent as a fuel cell leader with the ability to deliver
thousands of systems per year in the off-grid, portable, and other
power-generation markets, with capacity in place.”
Hans-Peter Fischer, General Manager of the fischer Group,
stated, “The Fischer family is pleased with the merger and the
cooperation with Advent. From the start we were aware of Advent’s
strong technology, and during the past months we have gotten to
know the people who drive the company. They are uniquely qualified
to take the fuel cell business to the next level. Advent is already
a key player in the decarbonization of energy and now, with this
merger, the company is ready to move forward fast. As a major
shareholder, the Fischer family is excited to share in that growth
potential.”
Gleiss Lutz Hootz Hirsch PartmbB, Kromann Reumert, and Ropes and
Gray acted as legal counsel to Advent and Grant Thornton served as
its financial advisor. Ernst & Young, Duane Morris LLP, and
Tecnafin GmbH acted as counsel to the fischer Group.
About Advent Technologies Holdings,
Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that
develops, manufactures, and assembles critical components for fuel
cells and advanced energy systems in the renewable energy sector.
Advent is headquartered in Boston, Massachusetts, with offices in
the San Francisco Bay Area and Europe. With 120-plus patents issued
(or pending) for its fuel cell technology, Advent holds the IP for
next-generation high-temperature proton exchange membranes
(“HT-PEM”) that enable various fuels to function at high
temperatures under extreme conditions – offering a flexible “Any
Fuel. Anywhere.” option for the automotive, maritime, aviation
and power generation sectors. For more information, please visit
www.advent.energy.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “plan,” “could,” “may,”
“will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and
other words of similar meaning. Each forward-looking statement
contained in this press release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others, the Company’s ability to
maintain the listing of the Company’s common stock on Nasdaq;
future financial performance; public securities’ potential
liquidity and trading; impact from the outcome of any known and
unknown litigation; ability to forecast and maintain an adequate
rate of revenue growth and appropriately plan its expenses;
expectations regarding future expenditures; future mix of revenue
and effect on gross margins; attraction and retention of qualified
directors, officers, employees and key personnel; ability to
compete effectively in a competitive industry; ability to protect
and enhance our corporate reputation and brand; expectations
concerning our relationships and actions with our technology
partners and other third parties; impact from future regulatory,
judicial and legislative changes to the industry; ability to locate
and acquire complementary technologies or services and integrate
those into the Company’s business; future arrangements with, or
investments in, other entities or associations; and intense
competition and competitive pressure from other companies worldwide
in the industries in which the Company will operate; and the risks
identified under the heading “Risk Factors” in our Annual Report on
Form 10-K/A filed with the Securities and Exchange Commission on
May 20, 2021, as well as the other information we file with the
SEC. We caution investors not to place considerable reliance on the
forward-looking statements contained in this press release. You are
encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The forward-looking statements in this press release
speak only as of the date of this document, and we undertake no
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business is subject to substantial risks and uncertainties,
including those referenced above. Investors, potential investors,
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version on businesswire.com: https://www.businesswire.com/news/home/20210901005516/en/
Advent Technologies Holdings, Inc. Elisabeth Maragoula
emaragoula@advent.energy
Sloane & Company James Goldfarb / Emily Mohr
jgoldfarb@sloanepr.com / emohr@sloanepr.com
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