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ElringKlinger AG — M&A Activity 2014
Jul 1, 2014
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M&A Activity
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Corporate | 1 July 2014 14:38
ElringKlinger AG acquires majority interest in fuel cell specialist New Enerday
DGAP-News: ElringKlinger AG / Key word(s): Acquisition
01.07.2014 / 14:38
Dettingen/Erms, Neubrandenburg (Germany), July 1, 2014 +++ ElringKlinger AG
has acquired from the consortium of existing owners a 75% interest in New
Enerday GmbH, based in Neubrandenburg, Germany. The purchase agreements
were signed on the day prior to this announcement.
In acquiring a 75% interest in the fuel cell system specialist,
ElringKlinger AG is looking to strengthen its business activities relating
to high-temperature SOFCs (solid oxide fuel cells) and extend its own
expertise centered around associated electronics, reformer technology and
system integration. New Enerday already possesses marketable LPG-based
products in an output range of 350 to 750 W, which, if required, can be
interconnected on a modular basis to provide a higher system output.
Additionally, the transaction will give ElringKlinger access to important
industrial property rights. Together with New Enerday, ElringKlinger now
has control of all processes within the value chain and system-level
integration.
ElringKlinger anticipates that the acquisition will be concluded over the
course of the third quarter. The entity is to be included in the scope of
consolidation of the ElringKlinger Group effective from July 1, 2014. The
euro-based purchase price is towards the lower end of the single-digit
million range. The other 25% interest will remain with the founder of the
company.
New Enerday GmbH develops and manufactures electricity generators based on
fuel cell technology. This involves the use of high-temperature SOFCs that
are capable of generating electrical energy directly from fossil fuels such
as natural gas, LPG, bioethanol or diesel. Reaching up to 40%, the
electrical efficiency is almost twice as high as that achieved by gasoline
and diesel engines of the same output range. The fuel cell systems emit
only a minimal amount of pollutants and produce hardly any noise during
operation. New Enerday has a workforce of 12 employees at its
Neubrandenburg site, focusing mainly on development and pilot production.
Promising areas of sale include, in particular, the on-board power supply
of boats and yachts as well as recreational vehicles. Additionally, the
focus is on the development and small-batch series production of systems
used as emergency standby power units to protect sensitive installations
against the effects of power failures. Besides, miniature LPG-fueled
combined heat/power generation systems for domestic use in single-family
houses and holiday homes are in the development phase.
ElringKlinger already has extensive know-how relating to high-temperature
fuel cells. The division responsible for fuel cell technology develops and
manufactures fuel cell stacks - a key component of SOFC technology -
together with their housings for the thermal insulation of the
high-temperature core of the system.
Together with cooperation partners, the company is currently developing a
fuel cell unit for the low-emission on-board supply of power in trucks and
other commercial vehicles. It is to be used to convert diesel into
electrical energy at a high rate of efficiency. The conversion process is
virtually noise- and emission-free. The output rates are up to 3.5 kW.
For further information, please contact:
ElringKlinger AG - Investor Relations/Corporate PR
Stephan Haas
Max-Eyth-Straße 2
72581 Dettingen/Erms
Tel.: +49 (0)7123-724-137
E-Mail: [email protected]
End of Corporate News
01.07.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: ElringKlinger AG
Max-Eyth-Straße 2
72581 Dettingen/Erms
Germany
Phone: 071 23 / 724-0
Fax: 071 23 / 724-9006
E-mail: [email protected]
Internet: www.elringklinger.de
ISIN: DE0007856023
WKN: 785602
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard),
Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München
End of News DGAP News-Service
276121 01.07.2014