(Alliance News) - Maire Tecnimont Spa announced Wednesday the completion by NextChem of its acquisition of 100 percent of GasConTec GmbH, an innovative company specializing in technology development and process engineering.

Founded in 2017, GCT is based in Bad Homburg, Germany.

GCT has more than 80 patents and significant know-how in the synthesis of low carbon footprint products such as hydrogen, methanol, olefins, gasoline and integrated methanol-ammonia processes, the company explained in a note.

The agreement provides for a total consideration of EUR30 million, including EUR15 million to be paid within 2 years upon achievement of specific targets, including EUR5 million paid today and an earn-out of up to EUR15 million, based on the signing and performance of certain license agreements related to GCT technologies within 7 years.

Alessandro Bernini, CEO of Maire Tecnimont, commented, "This acquisition marks an important step in the journey to strengthen and expand NextChem's unique technology portfolio."

"GasConTec contributes distinctive solutions that effectively meet our customers' current and future decarbonization needs, in line with Maire's positioning as an industrial enabler of the energy transition."

Maire Tecnimont trades in the red by 0.3 percent at EUR7.42 per share.

By Claudia Cavaliere, Alliance News reporter

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