Pineapple Power set for strategic acquisition of Ilios Hydrogen in green energy expansion

In a significant development for the clean energy sector, Pineapple Power Corporation PLC has announced its intentions to acquire Ilios Hydrogen Canada Limited, a notable player in the green hydrogen production arena. The proposed all-share transaction, valued at £33 million, was announced on November 3, 2023, and is pending rigorous due diligence and legally binding agreements.

Ilios Hydrogen: Pioneering Green Energy Production

Vancouver-based Ilios Hydrogen is emerging as a pioneering force in green hydrogen production, with operations extending from Italy to Canada. The company boasts a robust development pipeline for international expansion, including prospects in the United Kingdom. With its high ROI production plants and scalable technology, Ilios stands at the forefront of carbon-neutral hydrogen supply.

The Strategic Acquisition’s Framework and Potential

This non-binding agreement could see Pineapple Power—a clean and renewable energy investment firm—issuing new ordinary shares in exchange for Ilios’ outstanding shares, followed by an equity financing initiative to support Ilios’ growth and operational needs. Pineapple Power’s strategy focuses on cementing its position within the renewable energy sector through strategic acquisitions.

Impact on Company Leadership and Market Presence

Should the acquisition proceed, it would reshape Pineapple Power’s leadership, positioning Ilios’ directors in significant roles, and making Ilios’ sellers the majority shareholders. The transaction is poised to realign Pineapple Power’s market strategy, including a re-admission to trading on prestigious platforms such as the FCA’s Official List and the London Stock Exchange’s Main Market.

Conditions and Regulatory Approvals for the Proposed Acquisition

The completion of the acquisition hinges on several factors, including FCA regulatory approvals, satisfactory due diligence outcomes, legally binding agreements, and shareholder assent in a General Meeting. The ambitious move also requires a Rule 9 Waiver from the Takeover Panel to facilitate the share distribution to Ilios’ sellers.