Puregas LogoWärtsilä has reached an agreement to acquire Puregas Solutions, the Sweden-based provider of turnkey biogas upgrading solutions, according to a statement.

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Puregas is a leading player in its field with subsidiary companies in Germany, Denmark, the U.K., and the United States, according to Wärtsilä.

The company utilities a unique CApure process to convert raw biogas to biomethane and renewable natural gas.

The transaction is valued 29 million euro with an additional maximum sum of 7.3 million euro to be paid based on the performance of the business in the coming year.

The acquisition will provide Wärtsilä with added equipment and expertise in biogas upgrading. The merging of the two companies will expand Wärtsilä's overall reach in the gas value chain.

"We are acquiring a company with technical know-how, good references, and a strong market position. It provides us, therefore, with a good platform to expand our offering and support our customers with complementary biogas upgrading and liquefaction solutions," said Timo Koponen, Vice President, Flow & Gas, Marine Solutions.

"Puregas Solutions has grown successfully in recent years and we have now reached the point where it makes sense to achieve further growth through joining forces with a truly global technology specialist. Wärtsilä is a company with a similar philosophy towards creating customer value as our own, and we look forward to an exciting future together," added Jan Molin, CEO, Puregas Solutions.