|Jan 18, 2016
Electro Power Systems announces completion of the acquisition of MCM Energy Lab
Milan, 18 January 2016 – Electro Power Systems S.A. (“EPS“, and together with its subsidiaries, the “Group”), technology pioneer of clean energy storage systems listed on the regulated market Euronext Paris, has announced the acquisition of 70% of MCM Energy lab (“MCM”) – a leading R&D laboratory.
EPS already held 30% of MCM, thanks to the acquisition of the Energy and System Integration division (“Elvi Energy“) of Elvi Electrical Vitali SpA (“Elvi“), launched on December 14th 2015 and completed on December 29th 2015.
The transition concluded today for 315,000 euros, of which around 76% of the proceeds will be reinvested in EPS, is the last step, which led to the acquisition of 100% of Elvi Energy and MCM, for a total of 2,756,922 euros of which 51% will be reinvested via a capital increase reserved to Elvi and Elvi Energy management team.