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December 14, 2006
VC-backed Fuel Cell Startup Pemeas Acquired By BASF
BASF AG's Future Business unit has agreed to acquire German fuel cell startup Pemeas GmbH from its early stage investors as part of its investment program in new business development. No financial details of the deal were disclosed.
Pemeas raised about $26M. Its backers included Conduit Ventures, SAM Private Equity (whose mgmt team just bought itself out with backing from Robeco and changed its name to Emerald Technology Ventures), as well as Danfoss, CDP Capital and industrial investors.
The VCs get an exit, a fast one. They only backed the company for two years. How good a return it was, is open to speculation. Knowing the currenty sentiment on fuel cells among other VC specialized in alt energy, it probably was not a big one.
BASF has set its R&D budget for new markets at €850M for the next two years - perhaps the purchase price came out of that budget -- targeted areas are energy management, raw material change, nanotechnology, plant biotechnology and white biotechnology. BASF is hoping to generate future annual sales of €2 billion to €4 billion from innovations arising from the investment of €850M by 2015.
Posted on December 14, 2006 02:33 PM | Posted to News And Updates | Permalink
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