The acquisition is expected to enable Xebec to execute and accelerate its distributed renewable gas strategy
Xebec Adsorption, a clean energy solutions firm, has agreed to acquire Green Vision, the parent company of HyGear Technology and Services (HyGear), a Netherlands-based hydrogen solutions provider, for a total consideration of C$155.9m ($122m).
The acquisition is expected to enable Xebec to execute and accelerate its distributed renewable gas strategy.
Founded in 2002, HyGear aims to develop cost-effective gas supply through energy efficient technologies. The first of the technologies was containerised, small-scale version of the conventional steam methane reforming (SMR) plants deployed in centralised facilities.
The company claims to have deployed 66 hydrogen generation installation for its clients including Philips, Plug Power, Praxair, AGC, PMG, Guardian, Global Tungsten & Powders, Exxon Mobil, Shell, Osram and Saint-Gobain.
Xebec Adsorption chairman, CEO and president Kurt Sorschak said: “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.
“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.”
Through the deal, Xebec is expected to gain access to a portfolio of intellectual property and research teams dedicated to hydrogen generation from both SMR and electrolyzer based pathways.
The combination of Xebec’s renewable natural gas (RNG) and HyGear’s SMR technologies is anticipated to create a readily available green hydrogen offering
Apart from cost savings, the combined output of HyGear’s installations is said to be more than 15,000,000 Nm3 of hydrogen per year.