Chariot Transitional Energy CEO Adonis Pouroulis joined Steve Darling from Proactive to talk about the company’s recent $5.5 million net fundraise and strategic decision to split its renewable energy and oil & gas divisions into two standalone businesses. Pouroulis said the raise was completed quickly and successfully to support this transformation, describing it as a move driven by both divisions gaining “critical mass and momentum.”
On the oil and gas side, Pouroulis outlined Chariot’s renewed focus in Morocco where the company has regained operatorship and a 75% stake in offshore gas concessions.
The offshore Lixus field has yielded three wells, two of which were successful. Although the third well, Anchois-3, was less productive, he stressed that “we found gas.” The company plans to redesign the development to scale appropriately.
In the renewable energy division, Chariot has secured $175 million in funding for its electricity trading platform, Etana, with backing from Standard Bank, BII, GuarantCo and Norfund. This platform will support 400MW of near-development wind and solar projects across Southern Africa. The green hydrogen venture in Mauritania, in partnership with Total, remains a longer-term prospect.
Pouroulis added that shareholders will gain shares in both new entities, offering “two bites of the cherry.”
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