Pineapple Power Corporation rocketed 45% as the cash shell announced Graham Cooley, the former chief executive of hydrogen electrolyser pioneer ITM Power had joined its advisory board.
Cooley, who stepped down in September, joined ITM in 2009 shortly after which it became the first hydrogen-related company to be listed on the London Stock Exchange.
A member of the UK Government's Hydrogen Advisory Council, Cooley helped ITM raise almost £500mln in new equity and in 2021 it opened the world's largest electrolyser manufacturing facility.
Pineapple said its aim now is to complete a reverse take-over transaction in the renewable energy sector.
Cooley and other Pineapple directors are being incentivised to find a deal by 6.75mln options exercisable at 3p per share.
Cooley’s share is 1.25mln, a similar amount to non-execs Claudio Morandi and Andrew Holland, corporate finance advisor Clive de Larrabeiti and corporate administrator Peter Mills, while corporate finance advisor Richard Offer has 500,000.
The options granted represent in aggregate 9.42% of the company's current issued share capital and replace those issued in 2021 that have now expired.
Clive de Larrabeiti, said: "We are delighted to welcome someone of Graham's extensive experience and industry knowledge to our Advisory Board.
“His participation in our efforts to delineate an appropriate acquisition in the renewable energy sector is most welcome and strengthens our ability to connect with the rapidly growing universe of renewable energy.”
Shares in Pineapple jumped to 3.63p on the news of the appointment.