Apex Group Investment

Business Description and Investment Thesis

Key Investment Considerations

On 19 January 2023 exceet Group SCA (“exceet”, ISIN LU0472835155, WKN A0YF5P) and APEXGroup (“APEX”, together “the Group”), a leading developer and operator of "green" hydrogen electrolysis plants for the decarbonization of industry, infrastructure, and mobility, concluded a business combination agreement.

Post-Investment Value Development

Following this combination, APEX is the fully consolidated operating business unit within exceet Group contributing the main revenues of exceet Group. In the first six months of fiscal year 2023 the focus was to ramp up the business and to prepare the internal organizational structure in line with the growth strategy of exceet and APEX. Winning two significant projects and hiring qualified employees, thus increasing development capacity, have underlined the Group’s capabilities and increased visibility to additional potential clients as well as investors.

Role of Seafort Advisors

Seafort assessed the market potential of Hydrogen Developments in Germany and invested in a second series in 2021. Since then we have introduced several potential large clients and with our help one of the biggest projects for the company has been won so far. In addition to our board support we introduced our partner Dr.Jan Stichtenoth to lead the project management teams of the company and help build the organization.

Exit and Valuation

The company needs substantial cash to build the hydrogen facility on the premise and win the next four large projects. For this we helped to find additional investors who could help the company grow. As the equity ticket needed was more than €50m, the player needed to have substantial ressources. We merged the company into a listed vehicle in Luxembourg with €100m cash and the combined value now is €270m.