UK-based blank-check company Pineapple Power said today that it has not yet reached a “binding agreement” for the £33 million ($41 million) acquisition of Canadian hydrogen energy business Ilios Hydrogen Canada that was announced in November.
However, Pineapple Power said it had reached agreements regarding provisional executive roles, AJBell reports.
Ilios Hydrogen has a pipeline of five modular sites being developed in Italy, each planned to initially produce a carbon-neutral supply of 20 MW with an option to expand the capacity to up to 100 MW per site. It also has other development activities in Canada and has already identified and/or secured terrains for potential future international projects, including in the UK.
The Vancouver, British Columbia-based firm plans to build and operate its production plants or alternatively cash in on the developed facility. In addition to production, it may also opt for green hydrogen marketing and distribution.
The proposed all-stock transaction hinges on the signing of a definitive agreement, among other conditions, according to a statement released by the SPAC.
If the merger closes, the combined entity will seek to remain listed on the Main Market of the London Stock Exchange. Read more.
