LONDON, UK: Alteration Earth PLC, a special purpose acquisition company focused on the clean technology and clean energy sectors, has announced that it has entered into non-binding heads of terms to acquire Verdant Earth Technologies Limited, a green energy solutions company based in Australia.
Verdant Earth Technologies is developing a network of renewable energy projects using modern, sustainable biomass technologies. Its flagship project is the recommissioning of the Redbank power station in New South Wales, which will use hydrogen-derived biomass to generate electricity and produce green hydrogen. Verdant Earth Technologies also plans to roll out multiple plants averaging 80 MW each in eastern Australia and is evaluating opportunities to replicate the model in the UK and Europe.
The proposed acquisition value is £125 million, which will be satisfied by the issue of new shares in Alteration Earth. The deal is subject to legal, financial and other due diligence and entry into a legally binding share purchase agreement. The deal, if completed, will result in the shareholders of Verdant Earth Technologies having a majority interest in the enlarged group.
The deal, if completed, will be accompanied by a placing of new shares by Alteration Earth to raise equity capital to fund the working capital requirements of the enlarged group. The deal, if completed, will also trigger the admission of Alteration Earth’s shares to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange.
The deal is in line with Alteration Earth’s acquisition strategy and its objective of acquiring a company, business, project or asset in the clean technology and/or clean energy sectors. The deal will also create a platform for growth and value creation in the green energy sector.
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