EQS News: SFC Energy AG / Key word(s): Other
SFC Energy acquires assets, technology, IP and existing customer base of the Small Stationary Business from Ballard Power Systems Europe A/S
02.10.2024 / 07:30 CET/CEST
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SFC Energy acquires assets, technology, IP and existing customer base of the Small Stationary Business from Ballard Power Systems Europe A/S
- Expansion of technology and market leadership for hydrogen fuel cells under 50 kW
- The world’s most comprehensive range of stationary fuel cells under 50 kW
- Long-term service contracts and installed base as a solid basis for accelerated market access in the attractive Northern Europe region and establishment of a subsidiary in Denmark
- Long-term supply agreement with Ballard Power Systems ensures business continuity for customers
Brunnthal/Munich, Germany, October 2, 2024 – SFC Energy AG (“SFC”) F3C: OFISIN: DE0007568578), a leading provider of hydrogen and methanol fuel cells for stationary, portable and mobile hybrid power solutions, together with its newly founded Danish subsidiary SFC Energy Denmark ApS (SFC Denmark), has partnered with Ballard Power Systems Europe A/S (“ BPSE”) has entered into an agreement to acquire selected assets of the stationary hydrogen fuel cell business in Scandinavia – including IP rights and (subject to customer consent) customer contracts. BPSE is a subsidiary of Ballard Power Systems Inc. (“Ballard”), a pioneer in proton exchange membrane fuel cells (PEM fuel cells/PEMFC) headquartered in Vancouver, Canada. The purchase price is in the lower single-digit million euro range.
With the transaction, SFC is expanding its own offering to include two hydrogen fuel cell solutions with an output of 1.7 kW and 5 kW that have been proven in customer use. The standardized design allows multiple fuel cell modules to be clustered, as is the case with SFC’s existing EFOY energy solution offering. In addition to the existing BPSE customer base, part of the transaction is also the promising sales pipeline. The maintenance contracts for the base already installed by BPSE at around 400 locations, which are mainly located in the Northern European countries of Denmark, Norway, Sweden and Finland, will also be taken over – subject to the consent of the customers. Furthermore, as part of the transaction, SFC Denmark will make a future employment offer to selected BPSE employees who have important specialist knowledge and who, during their employment at BPSE, dedicate the majority of their working time to activities related to the relevant stationary hydrogen plants.
By acquiring the assets for stationary hydrogen fuel cell solutions in the power range below 50 kW, SFC is actively driving forward market consolidation. The installed base and the associated established customer relationships form a solid foundation for further expansion in Northern Europe, followed by other regions. This will be accelerated by the establishment of SFC Denmark in sales, service, application technology and assembly. Research and development as well as production, however, will be integrated into the existing SFC organizations at the locations in Germany and Romania.
The acquisition is consistent with the larger one Growth strategy of SFC, which is based on three pillars: (1) market penetration and international expansion, (2) technology and IP development, and (3) complementary M
The SFC Management Board expects that new business from 2025 will generate sales in the mid-single-digit million euro range and positive contributions to EBITDA and EBIT.
Dr. Peter Podesser, CEO of SFC Energy AG: “By integrating Ballard Power Systems’ expertise in this power range into our product portfolio, we can offer our combined customer base the world’s most comprehensive offering of stationary fuel cells under 50 kW. On the basis of long-term service contracts, we want to accelerate regional market access in the dynamic Northern European market and other regions. We also secure important intellectual property and have the opportunity to strengthen our team with very experienced fuel cell experts. The transaction therefore contributes to various elements of our defined and consistently pursued growth strategy. The challenge now is to tap the addressable market potential – which we estimate to be well over 1,000 locations in Northern Europe in the first phase – and to realize synergies along the entire value chain. We look forward to further expanding our partnership with Ballard as a trusted stack supplier. For us at SFC Energy, this is another important milestone in contributing to decarbonization and further advancing the adoption of hydrogen fuel cell technology.”
Randy MacEwen, CEO von Ballard Power Systems Inc.: “As a long-standing supplier of PEM fuel cell stacks for some of SFC’s hydrogen-based stationary power solutions, we have developed confidence in SFC’s strategy, team and technical capabilities. We are convinced that the integration of our proven 1.7 kW and 5 kW PEM fuel cell solutions into SFC Energy’s growing product portfolio for low-power hydrogen fuel cells in the stationary energy market will provide significant added value for our existing customer base. We at Ballard are confident that SFC will successfully build on our work and we look forward to continuing to support SFC as a reliable stack supplier.”
The transaction, which is subject to required regulatory approvals, is expected to close within 2024.
Further information about SFC Energy’s Clean Energy and Clean Power Management solutions can be found at sfc.com.
To SFC Energy AG
Die SFC Energy AG (www.sfc.com) is a leading provider of hydrogen and methanol fuel cells for stationary, portable and mobile hybrid power solutions. With its Clean Energy and Clean Power Management business areas, SFC Energy AG is a sustainably profitable fuel cell producer. The company sells its award-winning products worldwide and has sold more than 65,000 fuel cells to date. The company is headquartered in Brunnthal/Munich, Germany, and has operational offices in India, Canada, the Netherlands, Romania, the United Kingdom and the United States of America. SFC Energy AG is listed in the Prime Standard of the German Stock Exchange and has been a member of the SDAX selection index since 2022 (WKN: 756857ISIN: DE0007568578).
Zu Ballard Power Systems Inc.
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) has a vision to deliver fuel cell energy for a sustainable planet. Ballard’s zero-emission PEM fuel cells enable the electrification of mobility, including buses, trucks, trains, ships and stationary power. To learn more about Ballard, please visit www.ballard.com.
SFC Investor Relations and Press:
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel.: +49 89 125 09 03-33
Email: [email protected]
Web: sfc.com
Ballard Power Systems Inc.:
Kate (Charlton) Modern
Tel.: +1 604 453 3939
Email: [email protected]
Web: ballard.com
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