MVM buys world-famous patent and international energy company

MVM Group has acquired 100 percent ownership of the Hungarian subsidiary of the German energy company Enexio, together with its two Chinese subsidiaries and a world-famous Hungarian patent.

Through the acquisition of the previously German-owned Enexio Hungary Zrt. and its two Chinese subsidiaries, MVM Group's portfolio is augmented with companies of global importance. As a result, the Hungarian energy holding becomes active in the Chinese energy market while expanding regionally. In addition acquiring companies involved, among other things, in supplying industrial dry cooling technology, the transaction includes the legal acquisition of the patent for the world-famous Heller-Forgó cooling systems. The technology was developed in the 1950's and provided a solution for the problem of cooling thermal power plants where water is scarce. Enexio Hungary continues its operation in its current form.

'The acquisition of a technology supplier that is an international leader in its market represents a major milestone in achieving MVM's strategic goals. The ownership change opens up the possibility for MVM to gain a leading role in the international power plant development market as well. Enexio's international sales competence and relations offer further foreign business potentials for the MVM Group' - said György Kóbor, Chairman and CEO of MVM Zrt.

Enexio Hungary has gained substantial know-how and international experience in the past decade, and can now continue its successful operation as part of the MVM Group, benefiting from its stable professional and shareholder background.

Enexio Hungary had a net profit of EUR 3.5 million in 2018 and EUR 1.5 million in 2019, with a revenue of EUR 5.9 million and EUR 18 million respectively, mostly generated by sales from export.