Major Acquisition in the Hydrogen Industry in Wall Township
Key Ideas
- Mr. George J. Coates and his son Gregory G. Coates, the majority owners of Advanced Hydrogen Power, Ltd. and Coates International Ltd., have sold their companies for $400 million USD.
- The buyer, a private bank, will invest $75 million in working capital and expansion of the companies.
- George and Gregory Coates will continue to be involved in the companies and will set up manufacturing operations as part of the agreement.
- The sale also includes all technologies and patents owned by the companies, indicating a significant transition in the hydrogen industry.
In a major development in the hydrogen industry, Mr. George J. Coates, the CEO, and his son Gregory G. Coates, the VP of Advanced Hydrogen Power, Ltd. and Coates International Ltd., have finalized the sale of their companies for a total of $400 million USD. The deal includes the transfer of all technologies and patents held by the companies to an undisclosed private bank buyer. A significant portion of the sale proceeds, $75 million, will be allocated to the companies for working capital and expansion purposes. Additionally, $25 million will be paid as broker fees. The Coates father-son duo will remain actively involved in the operations of the companies and are planning to establish manufacturing facilities in the near future. This acquisition marks a pivotal moment in the hydrogen sector, with the companies poised for further growth and development under new ownership. For more information, interested parties can visit the company's website or contact them via email or phone.