Metacon has acquired all outstanding shares in its existing portfolio company Helbio, which was spun out of University of Patras two decades ago.
Helbio, a Greece-based hydrogen energy technology spinout of University of Patras, has agreed to an acquisition by its existing majority shareholder, hydrogen production systems producer Metacon.
Metacon purchased the entire 41.1% stake it did not already own for approximately SEK129 ($15.3m) in stock.
Founded in 2001, Helbio is commercialising hydrogen production systems for industrial use or integrated with fuel cells. The systems can be operated with liquid and gaseous fuels, such as natural gas, propane, biogas or bioethanol.
Chris Tornblom, president and CEO of Metacon, said: “We are very pleased with this acquisition, which is a natural step in our ambition to increase efficiency within the Metacon group and achieve full integration.
“By doing that we will be able to obtain cost synergies, financial consolidation and optimise roles and responsibilities for all members of the group.”
Metacon had been steadily increasing its stake in Helbio over the years, first buying a 51% stake in December 2012 in return for $50.1m paid in stock.
It then announced a $1.6m investment in August 2019 and another $1.8m in November 2020 to end up with a 58.9% shareholding.
