Flemington-based H/Cell Energy Corp., a company developing clean energy solutions, announced it has acquired Downingtown, Pennsylvania-based PVBJ Inc., an environmental systems company.
H/Cell Energy acquired PVBJ for $1 million in HCCC stock and $221,800 in cash.
Under terms of the deal, Paul Benis, president of PVBJ, will remain in his position and become executive vice president of H/Cell.
“Our acquisition strategy focuses on companies that are profitable, have a significant customer base that can be introduced to our technology and have a talented group of technicians that can be trained to install our systems. PVBJ meets all these requirements. They have been a very successful company and we look forward to assimilating their organization into HCCC,” CEO Andrew Hidalgo said.
“When we met with the HCCC team and saw their hydrogen energy systems, we knew right away that this is the future for off-grid clean energy. We believe that, with our technical talent and expansive customer base, we will be able to deliver these clean energy solutions while continuing to grow our core business in environmental systems. We feel that this is a winning combination and we look forward to building value for HCCC and its shareholders,” said Benis.