Pineapple Power Corporation has set its sights on a greener horizon. The UK-based special acquisition vehicle has signed heads of terms for the acquisition of Ilios Hydrogen, a Vancouver-based green hydrogen company, in a £33 million reverse takeover.
This all-paper transaction is subject to due diligence but holds the promise of significant growth and expansion in the green energy sector.
Pineapple Power Corporation PLC is making waves with its ambitious foray into the renewable energy market. The acquisition of Ilios Hydrogen, a well-established player in the green hydrogen sector, signifies Pineapple’s intent to become a prominent name in the field. With former ITM Power CEO Graham Cooley serving as a corporate advisor, Pineapple Power has a seasoned hand to guide them on this eco-friendly journey.
The current deal, which is still pending formalization, is expected to include a significant equity market presence once completed. This move showcases Pineapple Power’s determination to tap into the expanding green energy market and secure a prominent role in the industry.
Ilios Hydrogen, the company at the heart of this acquisition, is a Vancouver-based green hydrogen group with a strong international presence. With five production sites already established in Italy and ongoing projects in Canada, Ilios is no stranger to the world of clean energy.
The company’s vision extends beyond its current endeavors, as it eyes further growth and potential expansion into the United Kingdom. These plans are bolstered by its scalable Italian plants, capable of starting with a 20MW carbon-neutral hydrogen output, with the potential to ramp up to 100MW per site. This scalability underscores Ilios’s commitment to producing green hydrogen at a scale that can make a real impact on the energy market.
Ilios’s strategy is not solely limited to operating these high-return plants. The company is considering another approach, one that would provide immediate cash flow. This alternative involves selling the developed sites, which have the potential to become valuable assets in the ever-expanding green energy market.