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Pune-based Clean Tech start-up h2e Power acquires Swiss Fuel Cell specialist Hexis AG

Our Bureau Pune | Updated on June 05, 2020 Published on June 05, 2020

Pune based Clean Tech Start-up h2e Power has acquired Swiss Fuel Cell company Hexis AG through its German subsidiary mPower GmbH from Viessmann Group, for an undisclosed amount.

A corresponding purchase agreement was signed and consummated between mPower and German-based, Viessmann Group.

Adar Poonawalla, Chairman, h2e Power Systems in a press statement, 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. We intend to reach every home, every commercial establishment and every city with our hydrogen and fuel cell technologies. We are building a large manufacturing capacity in Pune for Indian and global markets.”

Alexander Dauensteiner, Product Line Owner Fuel Cell at Viessmann, said, “We are delighted to have found the right investor for Hexis and we look forward to a successful partnership with h2e group. Meanwhile, Viessmann will continue its focus on the end customer. We are confident that with h2e’s global reach and local knowledge they will be able to provide stable leadership to Hexis.”

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 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.

Solid oxide fuel cells (SOFC) are a type of fuel cell which uses a solid oxide electrolyte to conduct negative oxygen ions from the cathode to the anode. The electrochemical oxidation of the oxygen ions with hydrogen or carbon monoxide thus occurs on the anode side. They operate at very high temperatures, typically between 700 and 900 °C. Because of the high-temperature applications with higher heat circuit temperatures are possible.

SOFCs are robust, reversible clean power generators and have a wide variety of residential, industrial and commercial applications with outputs from few Watts to MW. The fuel cell technology is pegged to be the energy alternative for the future and with high volume manufacturing and reducing costs will make Fuel Cell’s a preferred and affordable clean energy alternative to fossil fuels.

Part of the Poonawalla Group in Pune, h2e Power Systems Private Limited, based in Pune, India and New York, was founded in 2011. The Poonawalla Group, promoters of Serum Institute of India are the world’s largest vaccine manufacturers and through their company Poonawalla Clean Energy are the partners and investors in h2e.

Published on June 05, 2020
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