The transaction, expected to close in the second quarter of 2024, is subject to certain conditions precedent provided for this kind of transactions.

Both HyDEP and Dragoni Group are Italy-based 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,” NextChem said. The companies’ range of services spans from process and mechanical design to validation, prototyping and certification.

NextChem explained in a statement that 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 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.

Alessandro Bernini, CEO of Maire Tecnimont, 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.”