h2e Power, a Pune and New York-based clean technology startup, backed by Serum Institute of India CEO Adar Poonawalla, announced that it has fully acquired Hexis AG, a Swiss fuel cell company. Financial details of the transaction remain undisclosed.
h2e Power said in a statement, it has acquired Hexis through its German subsidiary, mPower GmBH, from Viessmann Group, a Germany-based firm that primarily develops integrated heating systems.
As part of the deal, mPower and Viessmann have also signed an agreement for Hexis to continue to supply solid oxide fuel cell (SOFC) modules to European markets. These modules will be used by Viessmann for applications in residential and commercial establishments.
The acquisition will help h2e Power in manufacturing zero-emission power generators, Poonawalla said.
“We intend to expand the Hexis product portfolio to applications in agriculture, oil and gas and telecommunications,” Siddharth R Mayur, founder and MD at h2e Power, said.
Founded in 2011 by Amarnath Chakradeo, Bhavana S Mayur, Suresh Sharma and Mahesh Agashiwala, h2e Power aims to produce and integrate fuel cell systems in India to provide efficient and economical power supply solutions.
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