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(Frankfurt) –BASF Future Business GmbH, Ludwigshafen, has agreed with the current owners of PEMEAS to acquire all shares of PEMEAS. No financial details were disclosed. The acquisition will be completed by the end of January.
Through this move BASF is strengthening its activities in the field of energy management –one of five growth clusters, in which the world’s leading chemical company is developing new technologies and materials for energy storage and energy conversion, as well as for alternative energy capture.
“PEMEAS is an excellent strategic fit and will speed up our ongoing activities in energy management,” said Dr. Thomas Wehlage, managing director of BASF Future Business and responsible for the growth cluster energy management. “Our developments are currently focusing on new materials for organic solar cells, innovative storage media for hydrogen and the membrane electrode assembly for small portable fuel cells.”
“BASF is the right partner to realize the full potential of our innovative, proprietary technology in the future,” said Dr. Horst-Tore Land, president and chief executive of PEMEAS. “My colleagues and I look forward to being part of the BASF team.”
PEMEAS was founded in April 2004 as a spin-off of the former Hoechst Group’s fuel cell activities. The company has approximately 50 employees and operates manufacturing and R&D facilities in Germany and in the United States. PEMEAS is currently working with clients on projects to use fuel cells, for example, in portable electronics, residential applications or backup power systems.
PEMEAS is currently pursuing two strategies. The Celtec division focuses on the development and commercialization of membrane electrode assemblies (MEAs) for high temperature polymer electrolyte membrane (PEM) fuel cells. These devices operate at temperatures between 120C to 180C, and are more reliable and cost efficient than conventional low temperature fuel cells. The E-TEK division develops and manufactures catalysts, gas diffusion layers and electrodes for low and high temperature PEM fuel cells as well as for direct methanol fuel cells (DMFC).
According to industry expectations, the global fuel cell market will grow from €1 billion in 2010 to €21.5 billion in 2020. Fuel cells are environmentally friendly and can operate with a variety of fuels. They can also be used in a wide variety of applications, such as in laptop computers, homes and cars.
Your contact at BASF AG Corporate Media Relations:
Daniel Smith
Phone: +49 621 60 20829
Fax: +49 621 60 92693
e-mail: daniel.smith@basf.com
BASF Future Business GmbH, a 100 percent subsidiary of BASF Aktiengesellschaft, was founded in April 2001. It aims to open up business areas with above-average growth rates that lie outside BASF’s current activities. The company focuses on chemistry-based new materials, technologies and system solutions.
BASF Future Business GmbH commissions research from BASF’s R&D units on the one hand, and, on the other hand, cooperates with startup companies, industrial partners, universities and potential customers. Further tools include acquisition of a direct stake, joint ventures, with partner companies or provision of venture capital via the subsidiary BASF Venture Capital GmbH.
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. As a reliable partner to virtually all industries, BASF’s intelligent system solutions and high-value products help its customers to be more successful. BASF develops new technologies and uses them to open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. BASF has over 95,000 employees and posted sales of more than €42.7billion (approximately $50.4 billion) in 2005. Further information on BASF is available on the Internet at www.basf.com.
PEMEAS GmbH is a global leader in catalysts, gas diffusion electrodes and membrane electrode assemblies (MEAs) for polymer electrolyte membrane (PEM) and direct methanol fuel cells (DMFC).
PEMEAS is the only commercial supplier of high temperature MEAs that are marketed under the brand name Celtec . The E-TEK division of PEMEAS offers a broad range of catalysts, gas diffusion layers and electrodes, and MEAs for low temperature PEM fuel cells and DMFC.
PEMEAS continues the fuel cell activities of the former Hoechst Group and Gruppo De Nora. The company is backed by a consortium led by Conduit Ventures Limited and consisting of SAM Private Equity, CDP Capital, P/S BankInvest New Energy Solutions, Celanese AG, Gruppo De Nora and Infraserv Hoechst, managing company of the Frankfurt-Hoechst industrial park.
For further information visit: www.pemeas.com and www.etek-inc.com |
