Serenergy to join Advent Technologies

Advent Techologies signs agreement for the purchase of fuel cell business

Aalborg, Denmark – June 25, 2021—Serenergy A/S (“Serenergy”) today announced that Advent Technologies Holdings, Inc. (“Advent”) has entered into an agreement to a acquire the fuel cell systems businesses of fischer Group.  These businesses include SerEnergy A/S, (“SerEnergy”) based in Aalborg, Denmark, and fischer eco solutions GmbH, (“FES”) based in Achern, Germany.

SerEnergy is a leading manufacturer of HT-PEM fuel cells globally, with thousands of systems shipped around the globe during its 15-year operation. It employs 75 people in research and development, production, assembly, and sales, all with unique expertise in the area of high-temperature fuel cell systems. SerEnergy operates facilities in Aalborg, Denmark (55 employees), and in Manila, Philippines (20 employees).

Advent Technologies Holdings, Inc. is a US corporation that develops, manufactures, and assembles critical components for fuel cells and advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the California and Europe.

After its public listing on the stock market in February 2021 (NASDAQ: ADN), Advent acquired the California-based UltraCell, which designs and produces small, portable fuel cells of the 25-165W range.  With the acquisition of Serenergy and its 5kW product line, Advent is implementing its business plan for growth.  Advent plans to further strengthen the existing Serenergy locations.

Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies Holdings, Inc., describes “Together we will provide a platform to meet the rapidly increasing demand for alternative power across the globe.  This transaction is fully aligned with our “Any Fuel. Anywhere.” business focus and, together with the Ultracell acquisition, makes Advent a global leader in the remote and off-grid power market fuel cell system production. Upon closing, we will share more details about this strategic investment and our strategy to integrate the SerEnergy and FES teams into the broader Advent family.

The highly skilled and experienced workforce, the close cooperation with the university and the high quality of life in Northern Jutland all contribute to the attractiveness of Aalborg for investment.  Serenergy’s achievements and know-how have made the company a valuable opportunity for Advent.

“SerEnergy and FES have established state-of-the-art R&D and manufacturing operations in Denmark and Germany. We believe the acquisition significantly accelerates and de-risks our R&D human-resources and manufacturing scale-up production plan,” said Dr. Emory De Castro, CTO of Advent.

Morten Sørensen, Serenergy’s R&D Director, remarks, “Advent is ambitious and forward-thinking. They share our own views about the great opportunities for fuel cell technology and are in a position to make things happen very quickly. We see high potential for synergies across the companies in the group.  Serenergy’s 5kW reformed methanol fuel cells, our strong development team, and existing customer base perfectly complement Advent’s own technology and product line.  Furthermore, we see this merger as an acknowledgement of our achievements as a company and the benefits of the Aalborg location.”

Joseph Kristensen, Finance & Administration Director at Serenergy, said, “We are excited to join the Advent family. We believe that we can strengthen and grow our business, building on the strengths and joint expertise – ultimately contributing to the continued success of fuel cells as a clean power source.  This is a win for Advent, a win for Serenergy, and an exciting day for our employees and the industry.”

The closing of the acquisition is subject to customary closing conditions and regulatory approval.  The transaction is expected to close in the third quarter of 2021.

 

Contact Details for further questions:

Joseph Kristensen, Finance & Administration Director

Joseph.Kristensen@serenergy.com

+45 21 81 57 11