Matthews International Announces Acquisition of Terrella Energy Systems, Ltd.; Continued Growth into New Energy Solutions

Rhea-AI Summary

Matthews International Corporation (NASDAQ GSM: MATW) has acquired the assets of Terrella Energy Systems, a Canadian supplier of hydrogen fuel cell technology solutions. This strategic move aims to enhance Matthews' capabilities in the renewable energy sector, specifically in lithium-ion batteries and hydrogen fuel cells. The acquisition includes Terrella's production facility in Phoenix, Arizona, further expanding Matthews' operational footprint. The integration is expected to position Matthews as a leader in the growing renewable energy market, addressing increasing demands in energy storage and automotive applications.

Positive

• Acquisition of Terrella Energy Systems expands Matthews' capabilities in the renewable energy sector.
• Integration of Terrella's advanced technology enhances Matthews' offerings for hydrogen fuel cells and lithium-ion batteries.
• Acquisition includes a production facility in Phoenix, positioning Matthews for efficient operations.

Negative

• None.

PITTSBURGH, May 11, 2021 (GLOBE NEWSWIRE) --  Matthews International Corporation (NASDAQ GSM: MATW) (“Matthews” or the “Company”) today announced that the Company has acquired the assets of Terrella Energy Systems, Ltd. (“Terrella”), a supplier of technology solutions to the global hydrogen fuel cell industry. Terrella is now part of Matthews’ Saueressig Engineering business.

Based in Vancouver, British Columbia (Canada), Terrella, founded in 2012, is a leader in the design and manufacture of bipolar graphite plates for hydrogen fuel cell power systems. This strategic acquisition will expand Matthews’ portfolio of advanced technology and manufacturing capabilities to serve the rapidly growing renewable energy market in support of energy storage, automotive and other industries. Included with this acquisition is Terrella’s bipolar plate production facility in Phoenix, Arizona.

“This is an exciting time for Matthews. After years of investment in research and development, our Saueressig Engineering business has established itself as a leader in the renewable energy market with advanced manufacturing solutions for Lithium-ion batteries,” explains Greg Babe, Matthews International Chief Technology Officer. “Now, with Terrella as part of our team, we will be well-positioned to serve the complementary hydrogen fuel cell industry as well.”

“Matthews is the right partner for our future,” said John Kenna, President of Terrella Energy Systems, Ltd. “We know the Matthews’ Saueressig Engineering team well and have a great deal of respect for their technology and their talent. We look forward to leveraging the strengths of our graphite fuel cell plate technology to support Matthews’ plan to aggressively grow their new energy business worldwide.”

With the acquisition of Terrella, Matthews is well positioned for future challenges and takes another step forward to establishing itself as a worldwide leader in the renewable energy market.

About Matthews International Corporation
Matthews International Corporation is a global provider of brand solutions, memorialization products and industrial technologies. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures and distributes marking, coding and industrial automation technologies and solutions. The Company has approximately 11,000 employees in more than 25 countries on six continents that are committed to delivering the highest quality products and services.

About Saueressig Engineering
Saueressig Engineering is a leading supplier of advanced testing and converting equipment used to produce lithium-ion batteries – primarily for EV and energy storage applications.

About Terrella Energy Systems Ltd.
Terrella Energy Systems, Ltd. Is a Canadian supplier of engineered solutions for hydrogen fuel cell power systems – primarily stack-ready bipolar plates.

Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200

Contact:	Ann Wilson
	Senior Director, Culture & Communications
	412.995.1665
	awilson@matthewsintl.com

 

FAQ

What is the purpose of Matthews International's acquisition of Terrella Energy Systems?

The acquisition aims to expand Matthews' capabilities in the renewable energy market, particularly in hydrogen fuel cell technology.

How will the acquisition of Terrella impact Matthews International's future?

The acquisition is expected to position Matthews as a leader in the renewable energy market, addressing growing demands in energy storage and automotive industries.

What technology does Terrella Energy Systems provide?

Terrella specializes in the design and manufacture of bipolar graphite plates for hydrogen fuel cell power systems.

When was the acquisition of Terrella by Matthews International announced?

The acquisition was announced on May 11, 2021.

Where is Terrella Energy Systems located?

Terrella Energy Systems is based in Vancouver, British Columbia, Canada.