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ElringKlinger builds on high power density of its fuel cell technology to target aviation market

·2-min read

ElringKlinger AG / Key word(s): Alliance
ElringKlinger builds on high power density of its fuel cell technology to target aviation market

14-Oct-2020 / 19:37 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Dettingen/Erms (Germany), October 14, 2020 +++ ElringKlinger AG and Airbus have entered into an agreement for a long-term partnership within the area of fuel cell technology. Following the delivery of stacks and a customized test rig this summer, the agreement will see ElringKlinger and Airbus work together to initially develop and validate aviation-compatible fuel cell stacks in the coming years.

ElringKlinger will provide access to technology relevant to hydrogen-powered fuel cells, while in turn receiving compensation in the low to mid double-digit million euro range. A major part of the aforementioned compensation is payable as of closing scheduled for the end of 2020. Additionally, ElringKlinger will supply the newly established joint company with the components needed for development activities. Relevant financial details will be included in ElringKlinger's 2020 financial statements.

ElringKlinger will hold a non-controlling interest in the joint company, while the majority stake will be held by Airbus.

Both parties have agreed not to disclose further details of the Partnership Agreement. The closing of the transaction and the creation of the joint company is subject to customary regulatory clearances in various jurisdictions.
 

For further information, please contact:
ElringKlinger AG | Strategic Communications
Dr. Jens Winter
Max-Eyth-Straße 2 | D-72581 Dettingen/Erms
Phone: +49 7123 724-88335 | E-mail: jens.winter@elringklinger.com

14-Oct-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

ElringKlinger AG

Max-Eyth-Straße 2

72581 Dettingen/Erms

Germany

Phone:

071 23 / 724-0

Fax:

071 23 / 724-9006

E-mail:

jens.winter@elringklinger.com

Internet:

www.elringklinger.de

ISIN:

DE0007856023

WKN:

785602

Listed:

Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange

EQS News ID:

1140948


 

End of Announcement

DGAP News Service

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