The Rostock-based APEX Group, a developer and operator of “green” hydrogen electrolysis plants, has been acquired by the Luxembourg-based exceet Group.
According to the terms of the contract, Exceet will purchase all APEX shares, with 20.8 percent going for a cash purchase of EUR 25 million and 79.2 percent going for the issuance of about 16.3 million additional Exceet shares as part of a contribution in kind.
The only investment priority for Exceet should be APEX, which has a pipeline of projects totaling more than 1.7 GW. APEX will receive EUR 87 million as part of the investment, of which EUR 70 million will go toward the pipeline of projects and the remaining EUR 25 million will be paid back with debt.
According to the enterprises involved, the united group might become an internationally recognized project developer and operator of “green” hydrogen electrolysis plants. Hydrogen that has been produced utilizing renewable energy sources, such as solar or wind energy, is known as “green” hydrogen.
“Exceet has also agreed to start a long-term management incentive program for board members and important members of the joint group, subject to a change in the current compensation policy. This allows for the issuing of up to 3,640,000 stock options, which the beneficiaries may exercise to purchase up to 3,640,000 more shares, provided they meet the specified exercise price and vesting requirements.”