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05 June, 2020

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.

Adar Poonawalla Backed Startup h2e power acquires swiss company hexis ag

Adar Poonawalla backed Indian Clean Tech Startup h2e Power acquires Swiss Fuel Cell specialist Hexis AG

-h2e Power Systems (India’s First Fuel Cell Company) through its German Subsidiary mPower

~ GmbH acquires 100% of Hexis AG from the Viessmann Group

~ Acquisition to create an India Owned Global Fuel Cell & Green Hydrogen company

~ Cooperation with Viessmann planned to supply SOFC fuel cell modules in the European Markets

Pune (India), 05.06.2020: Leading ahead with their commitment to the Hydrogen Economy, Pune based Clean Tech Start-up h2e Power acquired Swiss Fuel Cell company Hexis AG through its German Subsidiary mPower GmbH from Viessmann Group, for an undisclosed amount. A corresponding purchase agreement was signed and consummated between mPower and German based, Viessmann Group.

Talking about the acquisition, Mr. Adar Poonawalla, Chairman, h2e Power Systems said, “In keeping with the groups commitment to Climate Change & 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. We intend to reach every home, every commercial establishment & every city with our hydrogen & fuel cell technologies. We are building large manufacturing capacity in Pune for Indian and global markets.”

As Founder & Managing Director of h2e Power & mPower Siddharth R. Mayur added: "With the acquisition of Hexis, we have not only inherited a great team but also a very strong product portfolio and with our Frugal approach we will make these products affordable for the masses.” He further added that, “In Viessmann we have a great partner and an anchor customer. Apart from the real estate, commercial & green hydrogen markets, we intend to expand the Hexis product portfolio to applications in Agriculture, Oil & Gas and Telecom. With our Social Vision; German & Swiss Engineering and Indian Entrepreneurship we intend to build the first truly global SOFC company. The acquisition is an important step in introducing clean energy technologies to the Indian markets & make good our commitment to Swadeshi Urja for a Swawalambi Bharat.”

Mr. Alexander Dauensteiner, Product Line Owner Fuel Cell at Viessmann, shared, “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 & 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 SOFC fuel cell modules in the European markets. 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.

Solid oxide fuel cells (SOFC) are a type of fuel cells which uses a solid oxide electrolyte to conduct negative oxygen ions from the cathode to the anode. The electrochemical oxidation of the oxygen ions with hydrogen or carbon monoxide thus occurs on the anode side. They operate at very high temperatures, typically between 700 and 900 °C. Because of the high temperature applications with higher heat circuit temperatures are possible.

SOFCs are robust, reversable clean power generators and have a wide variety of residential, industrial & commercial applications with outputs from few Watts to MW. The fuel cell technology is pegged to be the energy alternative for the future & with high volume manufacturing and reducing costs will make Fuel Cell’s a preferred & affordable clean energy alternative to fossil fuels. Additionally, the system can be used in Solid Oxide Electrolyser (SOEC) mode to produce Green Hydrogen, which is compelling because it is a clean fuel that can be stored easily, thus making a potential alternative Battery.

About h2e Power Systems

Part of the Poonawalla Group in Pune, h2e Power Systems Private Limited, based in Pune, India and New York, U.S.A. was founded in 2011 by social entrepreneur Siddharth R Mayur along with Amar Chakradeo, Bhavana S Mayur and incubated at IIT-SINE. The Poonawalla Group, Promoters of Serum Institute of India are World’s largest vaccine manufacturers and through their company Poonawalla Clean Energy are the partners & investors in h2e, The company through its investors & partners is connected worldwide with production plants and trading companies all over the world in areas such as pharmaceuticals, hospitality, real estate, waste management, high-tech agriculture, & food processing. h2e Power Systems aims to produce and integrate fuel cell systems in India and establish integrated, efficient power supply solutions to provide cost effective, reliable and environmentally friendly energy across different industry & geographies.

About mPower GmbH

mPower GmbH a subsidiary of h2e is a Dresden (Germany) based company is commercializing the high temperature SOFC stacks under global exclusive license from Fraunhofer Institute (IKTS) using ceramic components to address the need for a robust, efficient, flexible, adaptable, cost effective and a reliable fuel cell technology.

Source - MoneyControl