Proton Power Systems acquires SPower Holding GmbH
Proton Power Systems has agreed to acquire SPower Holding GmbH and its subsidiary SPower GmbH for 5.0m euros.
Proton Power Systems has agreed to acquire SPower Holding GmbH and its subsidiary SPower GmbH for 5.0m euros.
The company, which designs and produces hydrogen fuel cells and hydrogen fuel cell electric hybrid systems, said it will merge SPower with its subsidiary Proton Motor Fuel Cell GmbH.
The newly merged company will continue to operate under the name of Proton Motor Fuel Cell GmbH.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
SPower's products will be sold under a product line called SPower within Proton Motor.
SPower was formed in 2007 and supplies power solutions to IT, Telecoms, public infrastructure and healthcare customers in Germany, Europe and Middle East.
It also supplies solar systems and has a new product line called Solar Energy Storage, which will be released to the market in the second quarter of 2013.
The group is expected to report a turnover of circa €3.0m and to break even in operating profits for last year.
The integration of the SPower is anticipated to result in cost synergies of about €200,000 per annum, but to increase turnover to €5.0m.
"The acquisition of SPower allows Proton Power to enlarge its offering for stationary power solutions," Chief Executive of Proton Power, Dr. Faiz Nahab, said.
"As a company, we can importantly offer complete systems to our customers. The new battery storage solution of SPower for solar systems will have an extremely positive impact on our business. The process optimisation and cost savings will also have positive effects and will enhance value for our shareholders."
RD
-
Barclays warns of significant rise in social media investment scams
Investment scam victims are losing an average £14k, with 61% of those falling for one over social media. Here's how to spot one and keep your money safe
By Oojal Dhanjal Published
-
Over a thousand savings accounts now offer inflation-busting rates – how long will they stick around?
The rate of UK inflation slowed again in March, boosting the opportunity for savers to earn real returns on cash in the bank. But you will need to act fast to secure the best deals.
By Katie Williams Published