Advent SPAC Presentation Deck
Significant Strategic Interest
in Fuel Cell Technology
Acquirer
Announceme
nt Date
Transaction
Summary
Target
Target
Description
Key Details
BOSCH
Bosch increases stake
in Ceres Power and
forms partnership
2
January 22, 2020
Ceres Power
Bosch and Ceres formed a
partnership to apply Ceres'
fuel cell technology to create
small power stations for
cities, factories, datacenters
and EV charging points
9
$140mm invested to
date(1)
$102mm investment to
increase stal from 4%
to 18% (1)
Spent $12mm on initial
4% and incremental
$26mm license(1)
L
THE LINDE GROUP
October 3, 2019
Linde acquires 19%
stake in ITM Power
and forms JV
ITM
POWER
Manufacturer of PEM
electrolyzers for the electro-
chemical splitting of water
into hydrogen and oxygen
Linde and ITM Power to
form a JV to target
larg cale industrial
users of hydrogen
Total investment of $76
million (2)
Recent investments demonstrate strong demand for fuel
cell exposure
2
Cummins
June 28, 2019
Cummins completes
acquisition of
Hydrogenics
HYDROGENICS
SHIFT POWER ENERGIZE YOUR WORLD
Designs, develops, and
manufactures hydrogen
generation products based on
water electrolysis technology
and fuel cell products based
on proton exchange
membrane (PEM) technology
$290mm TEV
TEV / LTM Revenue 8.5x
MAN
MAN Energy Solutions
March 26, 2019
MAN Energy Solutions
acquires 40% stake in
H-TEC Systems
2
H-TEC SYSTEMS
Leading producer of PEM
electrolyzers and PEM stacks
Undisclosed
August 29, 2018
Weichai Power Co.
acquires 19.9% stake
in Ballard Power
Systems and forms JV
BALLARD
Engages in the design,
development, manufactures,
sale, and service of PEM fuel
cell products
2
5
潍柴动力
WEICHAI POWER
$163mm equity
investment
$90mm technology
transfer related to JV
formation to support
China's FCEV market
7
Source: Company filings. (1) Based on an exchange rate of 1.31 USD/GBP as of January 22, 2020. (2) Based on an exchange rate of 1.29 USD/GBP as of October 3, 2019. (3) Based on exchange rate of
www.advent.energy
1.28 USD/GBP as of December 1, 2020.
May 16, 2018
Weichai Power Co.
acquires 20% stake in
Ceres Power and forms
JDA
Ceres Power
Weichai and Ceres announced
a strategic investment and
joint development agreement
(JDA) to develop bus Range
Extenders and commercial EVs
2
2
2
2
Investment of $61m for
a 20% interest (3)
License Agreement for
$50m (3)
Joint development of a
30kW range-extender
systems
Electric bus
manufacturing JV
AMCI ADVENT
Acquisition Corp.
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