- APEX is ready to go public using a tie-up investment holding company named Exceet Group.
- This gives APEX a fresh capital of about EUR 87 million, with all but EUR 10 million to realise the company’s project pipeline.
APEX, a German green hydrogen plant developer, is ready to go public using a tie-up investment holding company named Exceet Group. Based on the agreement, the major part of proceeds from the deal will be directed to the execution and completion of APEX’s pipeline of more than 1.7 GW projects.
Based on the terms, Exceet is to purchase APEX, becoming its only investment focus. The deal gives the combined entity a pro-forma equity value of about EUR 212.1 million. This gives APEX a fresh capital of about EUR 87 million, with all but EUR 10 million to be used in realising the company’s project pipeline. The remaining EUR 10 million is to be used for debt repayment.
APEX, set up in 2000, is a developer of hydrogen electrolysis plants having an electrolysis capacity below 1 GW for the decarbonisation of industry, infrastructure and mobility. Its pipeline currently includes about 50 projects with a total capacity of more than 1.7 GW.
One of the company’s major projects is a currently-being-developed 100 MW electrolysis plant in Rostock/Laage. The facility has a production capacity of more than 7,500 tonnes of green hydrogen annually. The site is expected to be completed by 2-27 with APEX as the operator.
In addition, APEC is also constricting a 10 MW electrolysis plant for EW and swb.
Exceet is a listed holding company pursuing an opportunistic investment approach without a defined investment strategy. The deal with APEX comes after Exceet sold its last operating business in 2022 and started a review of strategic options for its future. The investment vehicle is majority owned by Luxembourg-based financial investor Active Ownership (AOC)