Proton Power Systems plc, a designer, developer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems, signed an agreement to acquire SPower Holding GmbH with its subsidiary SPower GmbH for a nominal amount of €5 (US$6.70). Proton Power will merge SPower with its subsidiary Proton Motor Fuel Cell GmbH, and the business division will continue to operate under the name Proton Motor Fuel Cell GmbH. SPower’s products will be sold under a product line called SPower within Proton Motor.
Established in 2007, SPower serves IT, telecoms, public infrastructure and healthcare customers in Germany, Europe and Middle East with power supply solutions for DC and AC power demand. Beside the business for power supply, SPower also offers solutions for solar systems as well as a new product line for solar energy storage, which will be released to the market in the second quarter of 2013. SPower is also planning to launch a new high power uninterruptible power supply product line in 2013.
SPower will be completely integrated into the Proton Motor division. Products from Proton Motor being offered to the existing SPower customers.
The Board of Proton Power believes that the acquisition will strengthen and enlarge Proton Motor’s business division and provide it with the opportunity, in the future, to add a fuel cell based option to the SPower product line. Sales and service of solutions will be delivered by a single enlarged sales team and this will allow the Company to target the Middle Eastern and South American markets.
SPower expects to report a turnover of circa €3 million (US$4 million) for the year to 31 December 2012 and to be breaking even at the operating profit level. Also through the integration with Proton Motor which is expected to result in cost synergies of approximately €200,000 (US$270,ooo) per annum, management expects that SPower will increase turnover to around €5 million (US$6.7 million) and become profitable in the year to December 2013.