One of the City’s most colourful companies has moved closer to sealing a maiden deal.
Special acquisition vehicle Pineapple Power Corporation PLC (LSE:PNPL), whose logo is a rainbow-coloured pineapple, has signed heads of terms for the £33 million purchase of Vancouver-based Ilios Hydrogen.
A reverse takeover, the all-paper transaction remains subject to due diligence. Pineapple, which boasts former ITM Power CEO Graham Cooley as a corporate advisor, expects to tap the equity market once a formal agreement is finalised.
Green hydrogen group Ilios is advancing its international footprint with five production sites in Italy and ongoing projects in Canada.
The company is eyeing further growth, including potential expansion into the United Kingdom.
The company's Italian plants are designed to be scalable, starting with a 20MW carbon-neutral hydrogen output and the potential to increase to 100MW per site.
Ilios is considering either operating these high-return plants or selling the developed sites for immediate cash flow.