MONTREAL, Dec. 31, 2020 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSXV: XBC) (“ Xebec” or the “ Corporation”), a global provider of clean energy solutions, is pleased to announce that it has closed its previously announced acquisition of Green Vision Holding B.V., the parent company of HyGear Technology and Services B.V. (“ HyGear”) for aggregate consideration of €82.0 million (approximately $127.3 million) and the assumption of €18.4 million (approximately $28.6 million) in net debt (the “ Acquisition”). The purchase price for the Acquisition was satisfied by way of a cash payment in the amount of €42.0 million (approximately $65.2 million) and the issuance of 10,014,364 common shares of Xebec. HyGear was founded in 2002 in Arnhem, The Netherlands, as a clean-tech company specializing in the on-site production and recovery of industrial gases. HyGear is an emerging developer, manufacturer, and supplier of technology and products for the production, recovery, purification, and mixing of industrial gases, such as hydrogen and nitrogen. HyGear’s technological backbone consists of 14 active patents issued both in EU countries and the United States.