DGAP-Adhoc: ElringKlinger and Plastic Omnium partner in fuel cell technology to accelerate the development of hydrogen mobility
DGAP-Ad-hoc: ElringKlinger AG / Key word(s): Alliance
ElringKlinger and Plastic Omnium partner in fuel cell technology to accelerate the development of hydrogen mobility
28-Oct-2020 / 21:39 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Dettingen/Erms (Germany), October 28, 2020 +++ ElringKlinger AG, Dettingen/Erms, (ISIN DE 0007856023/ WKN 785602) and Compagnie Plastic Omnium SE today agreed to take hydrogen-based fuel cell technology to the next level. To fulfil this objective, they will create EKPO Fuel Cell Technologies, a joint venture dedicated to fuel cell stack development, production and commercialization.
EKPO Fuel Cell Technologies will be owned 60% by ElringKlinger and 40% by Plastic Omnium. ElringKlinger will bring all of its assets related to fuel cells stacks, which include more than 150 employees, more than 150 patents, R&D and know-how, its fuel cell components business, and several high power density fuel cell stack platforms already marketed and manufactured at a facility located in Dettingen/Erms, where the joint venture will also be headquartered. The annual production capacity of initially up to 10,000 units in the joint venture will be progressively extended according to the order book.
Plastic Omnium will invest €100 million in the new company to support the acceleration of innovation, strongly develop the commercial pipeline and increase production capacities. The group will also contribute to the development of the JV through its global customer portfolio, its worldwide presence and its technological expertise in hydrogen storage and systems.
By 2030, EKPO Fuel Cell Technologies aims to reach a market share of 10 to 15% in the fuel cell technology business, representing revenues between €700 million and
€1 billion.
The two partners today also signed an agreement on the acquisition by Plastic Omnium of ElringKlinger Fuelcell Systems Austria GmbH (EKAT), an Austrian subsidiary of ElringKlinger specialized in integrated hydrogen systems, for an enterprise value of
€15 million.
The two agreements are being submitted to the competition authorities and are subject to the usual legal requirements. They should be closed in Q1 2021.
For further information, please contact:
ElringKlinger AG | Strategic Communications
Dr. Jens Winter
Max-Eyth-Straße 2 | D-72581 Dettingen/Erms
Phone: +49 7123 724-88335 | E-mail: jens.winter@elringklinger.com
28-Oct-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
End of Announcement DGAP News Service
1143771 28-Oct-2020 CET/CEST