Xebec Adsorption - CEO, Kurt Sorschak.
CEO, Kurt Sorschak.
Source: Xebec Adsorption.
  • Green energy systems provider Xebec Adsorption (XBC) has closed its C$127-million buyout of HyGear parent company Green Vision Holding
  • Xebec funded the purchase price through $65.2 million in cash and the issuance of around 10 million common shares
  • HyGear is a clean-tech company specialising in the on-site production and recovery of industrial gases
  • Through the acquisition of HyGear, Xebec hopes to become a worldwide renewable gas leader in the emerging hydrogen energy sector
  • Xebec Adsorption is up 7.78 per cent and is trading at $9.70 per share

Green energy systems provider Xebec Adsorption (XBC) has closed its C$127-million buyout of HyGear parent company Green Vision Holding.

Through the acquisition of HyGear, a clean-tech company specializing in the on-site production and recovery of industrial gases, Xebec hopes to become a worldwide renewable gas leader.

Xebec funded the purchase price though $65.2 million in cash and the issuance of around 10 million common shares.

HyGear has been operating since 2002 and is based in the Netherlands. It currently holds 14 active patents for its gas retrieval systems across the U.S. and the E.U.

A key selling point was HyGear’s hydrogen-centred technology, which will form a major part of Xebec’s move into the emerging energy sector. Moving forward, Xebec expects to expands HyGear’s offerings further into the U.S. and also fund further onsite gas research and development through the newly acquired facilities.

The purchase was helped along by Xebec recent placement, which was heavily supported by institutional investor Caisse de dépôt et placement du Québec.

 Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption, called the acquisition “the boldest move in the company’s history”.

“We are also very happy to have the strategic support of the Caisse de dépôt et placement du Québec, a large long-term institutional investor who also shares the same vision. As a result, we are now uniquely positioned to leverage a recurring, profitable, and industrial client base to support our growth in renewable natural gas and hydrogen,” he added.

At market open, Xebec Adsorption is up 7.78 per cent and is trading at $9.70 per share at 9.39am EST.

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