(Alliance News) - Maire Tecnimont Spa announced Monday that its subsidiary Nextchem has signed a binding agreement to acquire 100 percent of GasConTec Gmbh, an innovative company specializing in technology development and process engineering.

GCT was founded in 2017 and is based in Bad Homburg, Germany. It holds more than 80 patents and significant know-how in the synthesis of low carbon footprint products such as hydrogen, ammonia, methanol, olefins, gasoline and integrated methanol/ammonia processes.

In particular, the company's portfolio includes Autothermal Reforming, a proven technology for producing low carbon footprint hydrogen with very high rates of CO2 capture. The advantages of this technology are given by the high hydrogen yields with minimization of external energy requirements, ensuring efficiency and cost-effectiveness especially in large-scale plants.

GCT is also well recognized in the industry for its process engineering expertise. The company has an industrial-scale demonstration plant for high-pressure partial oxidation located in Germany, which is a global benchmark for the industry.

The agreement provides for a total consideration of EUR30 million, of which EUR15 million is to be paid within two years of closing upon achievement of specific milestones and an earn-out of up to EUR15 million, to be paid based on the signing and performance of certain license agreements related to GCT technologies within seven years of closing, which is expected in the second quarter of 2024.

Alessandro Bernini, CEO of Maire Tecnimont, commented, "This acquisition, the second this year, marks an important step in further strengthening Nextchem's portfolio with distinctive low-carbon technologies. GCT's know-how and process engineering expertise will strongly support the development of innovative processes for the production of low carbon footprint chemicals, further strengthening Maire's strategic positioning as an industrial facilitator of the energy transition."

Maire Tecnimont's stock closed Monday up 2.7 percent to EUR5.47 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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