Adar Poonawalla-backed startup h2e Power acquires Swiss company Hexis AG

Adar Poonawalla-backed startup h2e Power Systems on Friday said it has acquired Swiss fuel cell company Hexis AG from Viessmann Group.

However, the company did not disclose the financial details of the deal.

The Swiss firm has been acquired by the company through its German subsidiary Power GmbH, h2e Power Systems said in a statement.

"In keeping with the group's commitment to climate change and clean energy, the acquisition of Hexis is an important milestone. We will create a global footprint and locally produce zero emission power generators in Pune,"h2e Power SystemsChairmanAdar Poonawalla said.

The company is building a large manufacturing capacity in Pune for Indian and global markets, he added.

"We are delighted to have found the right investor for Hexis and we look forward to a successful partnership with h2e group. Meanwhile, Viessmann will continue its focus on the end customer.

We are confident that with h2e's global reach and local knowledge they will be able to provide stable leadership to Hexis,"Product Line Owner Fuel Cell at Viessmann Alexander Dauensteiner said.

The agreements also include the future cooperation of Hexis with the previous owner for the supply of solid oxide fuel cells(SOFC)fuel cell modules in the European markets, the statement said.

The Viessmann Group is one of the largest integrators of heating systems in Europe. It will use the SOFC modules for heating applications in individual homes & commercial establishments,it added.