h2e Power acquires Swiss company Hexis AG
The Adar Poonawalla backed company executed the deal through its German subsidiary mPower Gmbh.
Clean tech start-up h2e Power acquired Swiss fuel cell company Hexis AG from Viessmann Group for an undisclosed amount. The Adar Poonawalla backed company executed the deal through its German subsidiary mPower Gmbh.
Adar Poonawalla, Chairman, h2e Power Systems, said: “In keeping with the group’s commitment to climate change and clean energy, the acquisition of Hexis is an important milestone. We will create a global footprint and locally produce zero emission power generators in Pune.”
The company is planning to build large manufacturing capacity in Pune for the Indian and global markets.
Terms of the acquisition also include future cooperation with Viessmann Group for the supply of solid oxide fuel cells modules in the European markets, the company said in a statement. These modules will be used by Viessmann for applications in residential and commercial establishments.