Advent Technologies Holdings, Inc. completed the acquisition of Serenergy A/S and fischer eco solutions GmbH from F.E.R. fischer Edelstahlrohre GmbH.
August 30, 2021
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Advent Technologies Holdings, Inc. (NasdaqCM:ADN) entered into a definitive agreement to acquire Serenergy A/S and fischer eco solutions GmbH from F.E.R. fischer Edelstahlrohre GmbH for approximately €60 million on June 25, 2021. The transaction consideration is €17.9 million in cash and €37 million in ADN shares. All 17 FES employees and all 55 SerEnergy employees in Denmark and the Philippines will join Advent. FES operates a facility on scher Group's campus in Achern, Germany, and that facility will be leased to Advent upon closing of the deal. The closing of the acquisition of the SerEnergy and FES businesses is subject to the satisfaction of customary closing conditions for regulatory approval. The transaction is expected to close in the third quarter of 2021. Kromann Reumert, and Ropes and Gray acted as legal advisor to Advent. Ernst & Young and Technan acted as legal advisor to fischer Group. Cornelia Topf, Christian Cascante, Antonius Mann, Johannes Weigel, Lucas Hertneck, Nina Ahlert, Thomas Winzer, Tobias Abend, Henrike Westphal, Frank Schlobach, Katja Lehr, Yvonne Gerster, Birgit Colbus, Stefan Mayer, Ocka Stumm, Tim Weber, Maximilian Leisenheimer, Eike Bicker, Marina Stoklasa, Jacob von Andreae, Aylin Hoffs, Matthias Hahn, Stefan Weidert, Hannah Bug, Christian Hamann, Manuel Klar, Eric Wagner, Britta Kamp, Andreas Duttig, Marc Ruttloff and Linda Rampf of Gleiss Lutz acted as legal advisors to Advent Technologies Holdings, Inc. Grant Thornton Corporate Finance, LLC acted as financial advisor to Advent Technologies Holdings, Inc. Duane Morris LLP acted as legal advisor to F.E.R. fischer Edelstahlrohre GmbH.
Advent Technologies Holdings, Inc. (NasdaqCM:ADN) completed the acquisition of Serenergy A/S and fischer eco solutions GmbH from F.E.R. fischer Edelstahlrohre GmbH on August 31, 2021. As consideration for the transactions contemplated by the Purchase Agreement, on the Closing Date, the ADN paid to the Seller €17.9 million in cash and on August 30, 2021, ADN issued to the Seller 5,124,846 shares of common stock, of the Company.
Advent Technologies Holdings, Inc. is an advanced materials and technology development company operating in the fuel cell and hydrogen technology space. The Company develops, manufactures, and assembles complete fuel cell systems and the critical components that determine the performance of hydrogen fuel cells and other energy systems. Its product offerings include full fuel cell systems and the membrane electrode assembly (MEA) at the center of the fuel cell. It is a provider of fuel cell systems, high-temperature proton exchange membranes (HT-PEMs), fuel cells, and HT-PEM-based MEAs, which are critical components used in fuel cells, and other electrochemical applications such as electrolyzers and flow batteries. The Company also develops and manufactures MEAs, and designs fuel cell stacks and complete fuel cell systems for a range of customers in the stationary power, portable power, automotive, aviation, energy storage and sensor markets.
ADVENT TECHNOLOGIES HOLDINGS, INC. 
