Molecular Energies acquires fintech company Quanto and advances hydrogen engine project
LONDON, UK: Molecular Energies PLC’s Green House Capital (GHC) has acquired a 70% stake in Quanto, a Paraguayan fintech company that has developed an app-based payment system. The company has also reported progress on its dual fuel project that aims to convert diesel engines to run on a mixture of diesel and hydrogen.
Quanto is a private company that offers a mobile app that allows users to make payments both inside and outside of Paraguay. Molecular Energies plans to pivot the app into a niche market that is not well served in Paraguay and the region, with a green aspect and potential synergies with other group businesses.
The acquisition was made through the purchase of President Investments Paraguay S.A, a Paraguayan private company that owns Quanto, for the discounted sum of £25,000 from Alpha Energies Invest GmbH, a company owned by chairman Peter Levine. The payment will be made only on a successful completion of the proposed spin-out and IPO of Green House Capital, the group’s division that focuses on green energy and technology.
A team of developers is being identified to complete the work and launch the product in 2024.
The dual fuel project is an engineering initiative that aims to reduce carbon emissions from diesel engines by using hydrogen as a supplementary fuel. The project is being carried out by Helical Technical Centre, a UK-based company that provides engine testing services.
The project has completed the installation of a test engine in a test cell in Warton, Lancashire, and will start the proof of concept work on a complete diesel engine within the next month. The project will then test the engine with a vehicle on a rolling road, which will allow a comprehensive evaluation of the performance and benefits of the dual fuel engineering.
The rolling road test will also serve as a showcase vehicle for the European market, where there is a demand for transitional and cost-effective solutions for decarbonising road transport. The project plans to start commercial retrofitting of trucks in Paraguay in the New Year.
Molecular Energies PLC is an energy company that operates in various segments, including oil and gas exploration and production, renewable energy generation, hydrogen production and distribution, and green technology development. The company has operations in several countries, including Paraguay, Argentina, Brazil, Colombia, Peru, UK, Ireland, France, Germany, and Norway.
Molecular Energies plans spin-out and IPO of alternative energies division
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