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ElringKlinger AG acquires majority interest in fuel cell specialist New Enerday

ElringKlinger AG has acquired from the consortium of existing owners a 75% interest in New Enerday GmbH, based in Neubrandenburg, Germany. The purchase agreements were signed on the day prior to this announcement.

In acquiring a 75% interest in the fuel cell system specialist, ElringKlinger AG is looking to strengthen its business activities relating to high-temperature SOFCs (solid oxide fuel cells) and extend its own expertise centered around associated electronics, reformer technology and system integration. New Enerday already possesses marketable LPG-based products in an output range of 350 to 750 W, which, if required, can be interconnected on a modular basis to provide a higher system output. Additionally, the transaction will give ElringKlinger access to important industrial property rights. Together with New Enerday, ElringKlinger now has control of all processes within the value chain and system-level integration.

ElringKlinger anticipates that the acquisition will be concluded over the course of the third quarter. The entity is to be included in the scope of consolidation of the ElringKlinger Group effective from July 1, 2014. The euro-based purchase price is towards the lower end of the single-digit million range. The other 25% interest will remain with the founder of the company.

New Enerday GmbH develops and manufactures electricity generators based on fuel cell technology. This involves the use of high-temperature SOFCs that are capable of generating electrical energy directly from fossil fuels such as natural gas, LPG, bioethanol or diesel. Reaching up to 40%, the electrical efficiency is almost twice as high as that achieved by gasoline and diesel engines of the same output range. The fuel cell systems emit only a minimal amount of pollutants and produce hardly any noise during operation. New Enerday has a workforce of 12 employees at its Neubrandenburg site, focusing mainly on development and pilot production.

Promising areas of sale include, in particular, the on-board power supply of boats and yachts as well as recreational vehicles. Additionally, the focus is on the development and small-batch series production of systems used as emergency standby power units to protect sensitive installations against the effects of power failures. Besides, miniature LPG-fueled combined heat/power generation systems for domestic use in single-family houses and holiday homes are in the development phase.

ElringKlinger already has extensive know-how relating to high-temperature fuel cells. The division responsible for fuel cell technology develops and manufactures fuel cell stacks - a key component of SOFC technology - together with their housings for the thermal insulation of the high-temperature core of the system.

Together with cooperation partners, the company is currently developing a fuel cell unit for the low-emission on-board supply of power in trucks and other commercial vehicles. It is to be used to convert diesel into electrical energy at a high rate of efficiency. The conversion process is virtually noise- and emission-free. The output rates are up to 3.5 kW.

Language: English
Company: ElringKlinger AG
Max-Eyth-Straße 2 72581 Dettingen/Erms
Germany
Phone: 071 23 / 724-0
Fax: 071 23 / 724-9006

E-mail: stephan.haas@elringklinger.de

Internet: www.elringklinger.de

ISIN: DE0007856023
WKN: 785602
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München

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