Indian clean tech start-up h2e Power is acquiring Swiss fuel cell company Hexis from the Viessmann Group in a bid to introduce clean energy technologies to the Indian markets.
In a statement, h2e Power said it was executing the deal through its German subsidiary mPower. Financial details of the deal were not disclosed.
“In keeping with the group’s commitment to climate change and clean energy, the acquisition of Hexis is an important milestone,” said Adar Poonawalla, Chairman of h2e Power Systems.
“We will create a global footprint and locally produce zero emission power generators in Pune, India.”
“We intend to reach every home, every commercial establishment and every city with our hydrogen and fuel cell technologies.”
“We are building large manufacturing capacity in Pune for Indian and global markets.”
Siddharth R. Mayur, founder and Managing Director of h2e Power and mPower, added, “With the acquisition of Hexis, we have not only inherited a great team but also a very strong product portfolio and with our Frugal approach we will make these products affordable for the masses.”
“In Viessmann we have a great partner and an anchor customer. Apart from the real estate, commercial and green hydrogen markets, we intend to expand the Hexis product portfolio to applications in agriculture, oil & gas and telecom.”
“With our social vision, German and Swiss engineering and Indian entrepreneurship we intend to build the first truly global solid oxide fuel cells (SOFC) company.”
“The acquisition is an important step in introducing clean energy technologies to the Indian markets and make good our commitment to self-reliance in energy.”
The agreements also include the future cooperation of Hexis with the previous owner for the supply of SOFC fuel cell modules in the European markets, the statement said.
The Viessmann group is one of the largest integrators of heating systems in Europe. It will use the SOFC modules for heating applications in individual homes and commercial establishments.