Clean technology startup h2e Power Inc., which is backed by Serum Institute of India chief executive officer Adar Poonawalla, has fully acquired Swiss fuel cell company Hexis AG.
h2e Power did not disclose the financial details of the transaction.
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.
Pune- and New York-based h2e Power was founded in 2011 by Mayur, Amarnath Chakradeo, Bhavana S Mayur, Suresh Sharma and Mahesh Agashiwala. It aims to produce and integrate fuel cell systems in India to provide efficient and economical power supply solutions.
The acquisition represents the latest move in the fast-growing clean-technology segment, which is focussed on providing environmentally friendly solutions to companies and individuals.
In March, for example, the solar roof focussed ZunRoof Tech Pvt. Ltd raised $3 million (around Rs 22.24 crore) in its Series A funding round. In a statement, the company had said it raised the capital from the family office of the Godrej Group.
In February, EverSource Capital – the joint venture of private equity firm Everstone Capital and Lightsource BP – acquired Origin Renewables Pvt. Ltd. Origin, set up by former ICICI Venture executive Manikkan Sangameswaram, provides services for rooftop solar projects, ground-mounted solar farms, and hybrid wind-solar systems.
In January, a startup incubator and accelerator Venture Catalysts invested an undisclosed amount in Skilancer Solar Pvt. Ltd, a startup that provides robotic cleaning systems for solar panels of commercial parks and establishments.