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Xebec Adsorption Inc. in December announced the launch of its hydrogen strategy with the acquisition of HyGear, a Dutch-based leader in onsite hydrogen generation solutions, and entered the German hydrogen and renewable natural gas (RNG) markets with the acquisition of Inmatec.
Xebec on Dec. 8 announced it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Green Vision Holding B.V., the parent company of HyGear in the Netherlands for approximately $127.3 million and the assumption of $28.6 million in net debt. Xebec said the acquisition positions the company to execute and accelerate its distributed renewable gas strategy and noted the acquisition of new hydrogen technology and the access to new markets will enable it to launch a commercially viable green hydrogen product offering. The company also indicated that combining its RNG technology with HyGerar’s steam methane reforming (SMR) technology will allow Xebec to create a viable, credible, competitive and readily available green hydrogen offering.
“I am excited to be announcing the launch of our hydrogen strategy today with this transformative acquisition. HyGear is strategic in nature and gives us an enormous amount of potential to grow as we accelerate our entry into the industrial hydrogen and hydrogen fuel markets,” said Kurt Sorschak, chairman, CEO and president of Xebec. “I couldn’t be happier with the quality of this acquisition because of its sustainable business model and its ability to deliver attractive profitability today. HyGear will help us execute our renewable gas strategy and gives us a unique technology platform, access to European markets and the potential to realize and create significant product and sales synergies.”
Later in the month, on Dec. 17, Xebec announced it has entered into a definitive agreement to acquire all of the issued and outstanding shares of Inmatec Gase Technologie GmbH & Co. KG, Inmatec GmbH and Inmatec Gas Technology FZC RAK in the United Arab Emirates.
“We’re excited to be announcing another strategic acquisition for us this month. Inmatec builds on our thesis for onsite generation of gases as it enables customers to achieve significant cost and emission reductions,” Sorschak, said. “Inmatec is one of the world leaders in onsite nitrogen and oxygen generators and has achieved impressive scale with over 8,000 units deployed worldwide. Their German manufacturing and engineering capabilities have resulted in a reputation for high quality and extremely reliable products.”
“Notably, Inmatec complements both our onsite hydrogen generators, which are produced by HyGear and our own industrial air and renewable natural gas products,” he continued. “We see good value in cross-selling these solutions throughout our industrial service companies in North America and our combined customer base. Most importantly, Inmatec will give us a Cleantech Service Network footprint in parts of Europe, the Middle East and Africa, and an entry into the German hydrogen and RNG market. There are over 8,900 biogas installations which could be converted to produce RNG and Germany has announced plans to invest up to Euro 9 billion in hydrogen. Inmatec is ideally positioned to leverage their 40+ distribution partners to also sell our renewable natural gas and hydrogen systems.”