Advent SPAC Presentation Deck
Significant Strategic Interest
in Fuel Cell Technology
Acquirer
Announcement
Date
Transaction
Summary
Target
Target
Description
Key Details
Bosch increases stake
in Ceres Power and
forms partnership
7
BOSCH
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
2
January 22, 2020
2
$140m invested to
date(1)
$102m investment to
inc ease stake fro 4%
to 18% (1)
Spent $12m on initial 4%
and incremental $26m
license (1)
L
THE LINDE GROUP
2
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
large-scale industrial
users of hydrogen
Total investment of
$76m (2)
Recent investments demonstrate strong demand for fuel
cell exposure
2
Cummins
June 28, 2019
Cummins completes
acquisition of
Hydrogenics
HYDROG(E)NICS
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
$290m TEV
TEV / LTM Revenue 8.5x
(MAN
MAN Energy Solutions
March 26, 2019
MAN Energy Solutions
acquires 40% stake in
H-TEC Systems
D
H-TEC SYSTEMS
electrolyzers and PEM stacks
Leading producer of PEM
Undisclosed
August 29, 2018
Weichai Power Co.
acquires 19.9% stake
in Ballard Power
Systems and forms JV
BALLARD
潍柴动力
WEICHAI POWER
Engages in the design,
development, manufactures,
sale, and service of PEM fuel
cell products
$163m equity
investment
$90m 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
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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