Green hydrogen plants maker APEX to go public in Frankfurt

German green hydrogen plants developer APEX is set to go public through a tie-up with investment holding company Exceet Group SCA (ETR:EXC) with the majority of the proceeds from the deal to go for the realisation of its project pipeline of more than 1.7 GW.

Under the terms, Exceet will acquire APEX which will become its sole investment focus. The transaction gives the combined entity a pro-forma equity value of about EUR 212.1 million (EUR 229.6m).

Do you know we have a daily hydrogen newsletter? Subscribe here for free!

The combination will result in about EUR 87 million in fresh capital for APEX, about EUR 70 million of which will be used to realise the company’s project pipeline while the remainder will go for debt repayment.

Set up in 2000, APEX develops hydrogen electrolysis plants with an electrolysis capacity below 1 GW for the decarbonisation of industry, infrastructure and mobility. Its project pipeline currently includes about 50 projects with a total capacity of more than 1.7 GW.

One of the company’s flagship projects is the on-going development of a 100-MW electrolysis plant in Rostock/Laage with a production capacity of more than 7,500 tons of green hydrogen per year. Completion of the site, which will be operated by APEX, is expected in 2027.

Additionally, APEX is also currently building a 10-MW electrolysis plant for EWE 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).

(EUR 1 = USD 1.082)