MAIRE announces that NEXTCHEM, through its subsidiary NextChem Tech, has signed a binding agreement to acquire 80% of HyDEP S.r.l. and 100% of Dragoni Group S.r.l.

Both Italian based, HyDEP and Dragoni Group are well-recognized engineering services companies in the mechanical and electrochemical sectors with strong process design expertise and a track record of over 20 years in green hydrogen, including patents. Range of services spans from process and mechanical design to validation, prototyping and certification. Mario and Matteo Dragoni, founders and current shareholders of both entities, will remain involved in the management of the companies, which will continue to operate independently in their respective markets.

The purchase price for the two stakes is approximately €3.6 million. The agreement provides also an earn-out clause based on the achievement of technical objectives within 30 months from closing, as well as put and call options on the remaining 20% stake in HyDEP exercisable within 36 months from closing.

Closing is subject to certain conditions precedent provided for this kind of transactions and is expected in the second quarter of 2024.

Alessandro Bernini, MAIRE CEO, commented: “This acquisition marks an important step to further strengthen NextChem’s capabilities in green hydrogen, paving the way to the development of our value proposition in electrolysis technology. HyDEP’s process competences will also strongly support the development of innovative solutions for the production of clean ammonia and methanol.”