Atome Energy PLC has announced its intention to list on AIM and vowed to be at the forefront of the green hydrogen production market.
The company, an innovator in the sustainable energy arena, has been split out of oil and gas group, President Energy PLC (AIM:PPC) following a £9mln fundraise at 80p per share that consisted of a £6mln placing and £3mln standby facility by President boss Peter Levine.
ATOME’s plan is to produce, market and distribute green hydrogen and ammonia, areas that are expected to emerge as a rapidly growing market.
Hydrogen is widely considered within the ESG clean energy sector as a key part of the matrix of renewable power sources, necessary to meet net-zero carbon emissions targets by 2050.
ATOME Energy has two operating subsidiaries: ATOME Paraguay based in Paraguay, and Green Fuel based in Iceland.
Both subsidiaries have commenced operational planning, sourcing and negotiations with green electricity suppliers, equipment providers and offtake partners, it said.
Shares are expected to start trading on AIM on 30 December with a market value of £26mln.
President Energy’s share price was down 4.55% at 2.10p in late morning trade.