Adar Poonawalla-backed startup h2e Power acquires Swiss company Hexis AG
The Pune-based company has executed the deal through its German subsidiary mPower GmbH.
June 05, 2020 / 08:42 PM IST
Image: Twitter/ @adarpoonawalla
Adar Poonawalla-backed clean tech startup h2e Power on June 5 said it is acquiring Swiss fuel cell company Hexis AG from the Viessmann Group.
The Pune-based company has executed the deal through its German subsidiary mPower GmbH, it said in a statement.
However, the company did not disclose the financial details of the deal.
"In keeping with the group's commitment to climate change and clean energy, the acquisition of Hexis is an important milestone. We will create a global footprint and locally produce zero-emission power generators in Pune," h2e Power Systems Chairman Adar Poonawalla said.
He added that the company is building large manufacturing capacity in Pune for Indian and global markets.
Alexander Dauensteiner, Product Line Owner Fuel Cell at Viessmann, said, "We are delighted to have found the right investor for Hexis and we look forward to a successful partnership with h2e group. Meanwhile, Viessmann will continue its focus on the end customer. We are confident that with h2e’s global reach and local knowledge they will be able to provide stable leadership to Hexis."
The agreements also include the future cooperation of Hexis with the previous owner for the supply of solid oxide fuel cells (SOFC) modules in the European markets, the statement said.
The Viessmann Group is one of the largest integrators of heating systems in Europe. It will use the SOFC modules for heating applications in individual homes & commercial establishments, it added.