Xebec Completes Transformative Acquisition of HyGear

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MONTREAL, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“Xebec” or the “Corporation”), a global provider of clean energy solutions, is pleased to announce that it has closed its previously announced acquisition of Green Vision Holding B.V., the parent company of HyGear Technology and Services B.V. (“HyGear”) for aggregate consideration of €82.0 million (approximately $127.3 million) and the assumption of €18.4 million (approximately $28.6 million) in net debt (the “Acquisition”). The purchase price for the Acquisition was satisfied by way of a cash payment in the amount of €42.0 million (approximately $65.2 million) and the issuance of 10,014,364 common shares of Xebec.

HyGear was founded in 2002 in Arnhem, The Netherlands, as a clean-tech company specializing in the on-site production and recovery of industrial gases. HyGear is an emerging developer, manufacturer, and supplier of technology and products for the production, recovery, purification, and mixing of industrial gases, such as hydrogen and nitrogen. HyGear’s technological backbone consists of 14 active patents issued both in EU countries and the United States.

The Acquisition positions Xebec to execute and accelerate its distributed renewable gas strategy. The acquisition of new hydrogen technology, and the access to new markets, will enable Xebec to launch a commercially viable green hydrogen product offering. Specifically, the Acquisition is expected to, among other things:

• provide Xebec with an entry into the industrial hydrogen and emerging hydrogen energy market;
• expand HyGear’s business and products into North America and provide a retrofit opportunity with existing compressed natural gas fueling stations;
• expand Xebec’s product offering and allow the Corporation to become a global provider of onsite gas generation systems; and
• provide Xebec with strong hydrogen and onsite gas research and development capabilities.

“This is the boldest move in the company’s history, with the objective to make Xebec a worldwide renewable gas leader. 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. I would like to congratulate everyone on all their hard work and give HyGear a warm welcome to the Xebec family,” said Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc.