Nel has signed a binding purchase agreement with F9 Investments to acquire Proton Energy Systems.
Norway-headed hydrogen value chain solution provider Nel ASA has followed through on a February 27 stock exchange announcement outlining the intention to acquire the US-based technology company Proton Energy Systems, Inc (Proton OnSite).
According to a statement, Nel signed a final and binding share purchase agreement on April 28 with F9 Investments LLC, the shareholder of Proton OnSite, to acquire 100 percent of the shares of Proton OnSite for a total consideration of US$ 70 million.
The closing of the agreement is subject to certain conditions, including relevant public approvals and other third party consents, the absence of material adverse effects and correctness of representations. The timing of closing of the transaction depends on the satisfactory fulfillment of these conditions, including the public approval process, but is expected to occur around June / July 2017.
The transaction will make Nel the world’s largest manufacturer of water electrolysers for hydrogen production, offering both alkaline and PEM electrolysers in all relevant sizes and markets.