Pineapple Power Corp - London-based special purpose acquisition company - Says its shares are temporarily suspended at its request, as it plans a reverse takeover of of hydrogen refuelling business Element 2 Ltd. Notes it cannot guarantee the reverse takeover will complete. On Friday, it entered into non-binding heads of terms with Element 2 to acquire 100% of the company for GBP120 million in new Pineapple Power shares.
Pineapple Power Chair Claudio Morandi says: "During the past few months, we have reviewed numerous projects and believe the proposed acquisition meets our stated objective of identifying a potentially extremely valuable entity involved in the renewable energy sector and clean and green technologies."
Element 2 Chief Executive Officer Tim Harper says: "We are playing a critical role in the UK's energy transition, and the transaction with Pineapple Power will provide an expressway to capital infusion, powering a significant expansion of our network of hydrogen refuelling stations and propelling our growth trajectory to new heights. Our goal is to make UK road transport a global decarbonisation success story - supplying hydrogen for all vehicle types, including [heavy goods vehicles], vans, buses, refuse vehicles and cars."
By Greg Rosenvinge, Alliance News reporter
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