LONDON, UK: Codex Acquisitions plc (LSE: CODX) has entered into non-binding heads of terms (HOTs) to acquire the entire issued share capital of TNE – Technologies New Energy S.A. (TNE), a sociedade anónima incorporated in Portugal operating in the renewable energy sector, in consideration for an issue of new ordinary shares of nominal value 10 pence each in the capital of Codex.

Technologies New Energy S.A. (TNE) is a global provider and project developer of integrated state-of-the-art energy efficiency, energy transition and decarbonisation solutions.

TNE owns a diversified and differentiated portfolio of renewable projects in Portugal based on the energy flexibilisation, Power-to-X and Biomass-to-Liquids technologies architecture that will enable novel applications to a clean transition for the hard-to-abate sectors such as chemical industries, mobility applications and urban built environments.

TNE mission is to significantly accelerate developments to drive decarbonisation efforts at scale and get a lasting and unparalleled impact on our planet.

The terms place an initial valuation on TNE of within the range of £28-33 million, subject to adjustments and a floor valuation of no less than £28 million.

Julio Perez, Non-Executive Director of Codex Acquisitions, commented: “This is a very solid opportunity to bring an asset backed, energy transition business with a scalable and deliverable growth plan to the public markets. The TNE business aligns perfectly with Codex’s ambition to help companies shift from fossil fuels to renewable energy sources in an effort to reduce CO2 emissions.

We look forward to closing the transactional elements and then supporting TNE with its plans to develop their advanced portfolio of renewable energy projects.”

Ricardo Eiras, CTO of TNE, commented: “After more than 5 years of dedication and perseverance, TNE is now a well-recognised company that delivers solutions to accelerate a needed energy transition and industrial decarbonisation. With the accomplishment from our teams in serving top tier companies from heavy industrial sectors we are now in a watershed moment to open the door for our plans to transform key sectors in a way that will have a profound environmental impact.

We expect to utilise our standardised, scalable and cost-effective approach to larger future developments to successfully enable a low carbon economy and advance our project development program. We will replicate our success with cost-efficient net-zero emissions plants nationally and ultimately around the globe.

The proposed transaction with Codex reflects our shared vision to bring to market new renewable energy infrastructure to address industrial decarbonisation and growing energy transition strategies.”

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