Proton Power Systems has agreed to acquire SPower Holding GmbH and its subsidiary SPower GmbH for 5.0m euros.

The company, which designs and produces hydrogen fuel cells and hydrogen fuel cell electric hybrid systems, said it will merge SPower with its subsidiary Proton Motor Fuel Cell GmbH.

The newly merged company will continue to operate under the name of Proton Motor Fuel Cell GmbH.

SPower's products will be sold under a product line called SPower within Proton Motor.

SPower was formed in 2007 and supplies power solutions to IT, Telecoms, public infrastructure and healthcare customers in Germany, Europe and Middle East.

It also supplies solar systems and has a new product line called Solar Energy Storage, which will be released to the market in the second quarter of 2013.

The group is expected to report a turnover of circa €3.0m and to break even in operating profits for last year.

The integration of the SPower is anticipated to result in cost synergies of about €200,000 per annum, but to increase turnover to €5.0m.

"The acquisition of SPower allows Proton Power to enlarge its offering for stationary power solutions," Chief Executive of Proton Power, Dr. Faiz Nahab, said.

"As a company, we can importantly offer complete systems to our customers. The new battery storage solution of SPower for solar systems will have an extremely positive impact on our business. The process optimisation and cost savings will also have positive effects and will enhance value for our shareholders."

RD

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