H2 mobility player Hexagon Purus acquires storage, transport provider Wystrach
With the 43.3 million euros transaction, expected to close in Q4 2021, Hexagon hopes to strengthen its foothold in systems manufacturing and assembly.
Hexagon Purus ASA, a global leader in zero emission mobility solutions, has entered into an agreement to acquire 100% of Wystrach GmbH, a leading European systems and solutions provider for storage and transport of compressed gases, for up to 43.3 million euros, according to a company’s press release.
Closing of the transaction is expected to take place in the fourth quarter of 2021, subject to fulfilment of certain closing conditions and customary regulatory approvals, says Hexagon Purus.
Hexagon Purus and Wystrach have been partners since 2008, delivering hydrogen storage solutions to the market for use in applications ranging from transportation to stationary storage and refueling solutions.
Strengthening its foothold in systems manufacturing and assembly has been a key pillar in Hexagon Purus’ strategic roadmap, according to the company. “Combining two industry frontrunners will increase scale, organizational bandwidth and execution capabilities and put Hexagon Purus in pole position to capitalize on the strong market growth expected for hydrogen storage solutions”, says in a press release.
The purchase price is based on an enterprise value of 50.0 million euros. 35% of the purchase price to be paid in cash at closing, another 35% in the form of consideration shares in Hexagon Purus, and the remaining 30% represents a deferred payment and a contingent earn-out, both payable in cash.
Hexagon Purus, a Hexagon Composites company, is a world leading provider of hydrogen type 4 high-pressure cylinders, battery packs and vehicle systems integration for fuel cell electric and battery electric vehicles.
Founded in 1988 in Weeze, Germany, Wystrach is a full-service provider of high-pressure storage and transportation solutions for hydrogen and other gases. Its portfolio includes stationary bundles, containers, tank systems, storage solutions, and a mobile hydrogen refueling station.