Wärtsilä to acquire Swedish biogas firm
Finnish technology group Wärtsilä is set to acquire Puregas Solutions, a Sweden based provider of turnkey biogas upgrading solutions. The acquisition agreement was reached in early October.
Puregas utilises a CApure process to covert raw biogas into biomethane and renewable natural gas. The company has subsidiaries in Germany, Denmark, the UK and USA.
According to a statement from Wärtsilä, the acquisition will provide the company with added expertise and equipment in biogas upgrading, and “complement well the company’s existing position in the biogas liquefaction market."
“We are acquiring a company with technical know-how, good references, and a strong market position. It provides us, therefore, with a good platform to expand our offering and support our customers with complementary biogas upgrading and liquefaction solutions,” says Timo Koponen, Vice President, Flow & Gas, Marine Solutions.
“Puregas Solutions has grown successfully in recent years and we have now reached the point where it makes sense to achieve further growth through joining forces with a truly global technology specialist. Wärtsilä is a company with a similar philosophy towards creating customer value as our own, and we look forward to an exciting future together,” says Jan Molin, CEO, Puregas Solutions.
In 2016, Puregas Solutions’ turnover was SEK 200m (€21m) with a 'good profitability level'. The acquisition transaction is valued at SEK 280m (EUR 29m) with an additional maximum sum of SEK 70m (EUR 7.3m) to be paid based on the performance of the business in the coming year.