US-Based NEAH Power To Buy India's Eko Vehicles
Fuel cells developing company NEAH Power, has signed a letter of intent with Bangalore-based 
Eko Vehicles, aproducer of two-wheeled electric vehicles to explore acquisition or merger plans.
WIth this, NEAH will get access to Indian markets, where it expects to have high demand for its fuel cells for a variety of military and industrial applications in India and Asia.
Transaction Reference: BS
NEAH Power Systems Inc, develops renewable energy solutions based fuel cells for the military and portable electronic devices. It uses a unique, patented, silicon-based design for its micro fuel cells that enable higher power densities, lower cost and compact form-factors. The company's micro fuel cell system can run in aerobic and anaerobic modes.
Eko Vehicles Pvt Ltd, founded by Mr. Anil Ananthakrishna, manufactures electric and hybrid bikes, three wheelers, cars, vans, buses, trucks and agricultural equipments using environmentally friendly propulsion systems.
It is developing "Rapid Battery Charging Stations" to charge Eko electric vehicles within 15 minutes. EKO is planning to introduce electric three-seater, three-wheeler and four-seater, omni-type four-wheelers with the same capabilities. Its products are currently sold in Asia and plan to explore the United States and Europe.
According to BS, The company is understood to have mandated PriceWaterhouseCoopers to raise around Rs 25 crore as part of its expansion plans.
Mahindra & Mahindra were also understood to have shown interest in having an alliance with Eko Vehicles.
Previously, NEAH announced to be a supplier of fuel cells to Eko for its electric scooter product line. To explore the synergistic relationship between NEAH and EKO, mergers option is considered.
This year in May, Mahindra & Mahindra acquired 55.2% stake in electric car maker Reva Electric Car Company, wherein its promoters and investors wanted to sell off their stake.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 27/08/10 | EKO Vehicles - NEAH Power Systems | M&A | NEAH Power Systems Inc | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 06/02/12 | M&A | Looking For | Wind Power Business | - | Planned |
| 01/02/12 | Private Equity | Looking For | Trishe Energy Private Limited | - | Planned |
| 31/01/12 | M&A | Gussing Renewable Energy GmbH | G P Green Energy Systems Private Limited | - | Completed |
| 27/01/12 | Private Equity | Zephyr Peacock India | Flareum Solar Technologies Private Limited (Formerly Gadhia Solar Energy Systems Private Limited) | 10.04 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Eko Vehicles Private Limited | Anil Ananthakrishnan | Casa Birgitta, # 10,Brunton Road, M.G.Road Cross, Bangalore - 560025 Karnataka | Mahindra Reva Electric Vehicles Private Limited (Formerly Known As REVA Electric Car Company Private Limited) | www.ekovehicle.com |
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