LONDON, UK: Net Zero Infrastructure Plc (NZI) has signed a non-binding letter of intent (LOI) to acquire the entire issued share capital of Taylor Construction Plant Limited and Solar Highways Limited (collectively TCP).
Net Zero Infrastructure Plc (NZI) is a special purpose acquisition company formed with the intention to acquire renewable or clean energy technology companies and to finance, develop and promote those environmentally sound projects internationally.
TCP is a UK based infrastructure services business, for a combination of cash consideration and new shares in the Company. The Proposed Transaction, if completed, and an associated proposed placing of shares by the Company, details of which will be announced in due course, would result in the shareholders of the Target having a significant minority interest in the enlarged group.
The principal activity of TCP is the supply and hire of specialist equipment to UK infrastructure and construction contractors. TCP is transitioning its existing business from diesel-powered to zero emission equipment powered by hydrogen and other renewable sources.
This is carbon neutral at the point of use and offers customers an alternative to the use of diesel across a wide range of market applications, including in construction, events, film, and temporary power. The Target is profitable and includes as its customers a number of leading participants in the infrastructure services market.
Mike Ellwood, CEO of NZI, said: “The Board of NZI has been impressed with the historical performance of the Proposed Target and its continued growth as it transitions into the green energy space. The Proposed Target has a strong management team, who have demonstrated innovation with the roll-out of its Hydrogen and other renewable power solutions to the growing UK market in infrastructure services and it is playing an important role in the green economy space. We look forward to working with them with a view to completing this transaction and to continue to develop the business with them thereafter.
Andrew Barker, CEO and significant shareholder of Taylor Construction Plant Ltd added: “On behalf of my fellow shareholders and the board of TCP, we are excited by the opportunity to partner with NZI and its shareholders/investors to support the continued growth within a fast-expanding net zero market sector. As we continue to develop and roll out an exciting new range of clean energy products and services, the enlarged grouping and funding support will be well placed to lead and support its existing and new customer relationships as they transition towards clean energy powered solutions.”
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