Nel ASA has acquired Proton Energy Systems Inc. (Proton OnSite) in a $70m deal that creates the world’s largest electrolyser company.
The Norway-based business entered into a non-binding term sheet to acquire the US-based hydrogen (H2) technology company, it announced yesterday.
The takeover is described as a “strong strategic fit,” with synergies related to sales and commercialisation, product portfolio, research and development (R&D) and best practices across the combined company.
Incorporated in 1996, Proton OnSite has developed into the largest manufacturer of onsite H2 generators with over 2,600 units installed worldwide in more than 75 countries.
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