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Pineapple Power entered  into a non-binding heads of terms with Ilios Hydrogen Canada to acquire 100% of the shares

Pineapple Power Corporation PLC announced that  it has entered into a non-binding heads of terms with Ilios Hydrogen Canada Limited, based in Vancouver, B.C., Canada, to acquire 100% of the outstanding shares in Ilios in an all-share transaction, subject to legal, financial and other due diligence and entry into a legally binding sale and purchase agreement.  As no binding agreement has yet been reached, the Company cannot guarantee that the Proposed Acquisition will complete.

Illios Hydrogen is a privately held, Canadian based, international developer of green hydrogen production plants with an existing portfolio of five sites being developed in Italy and other development activities in Canada, with a pipeline of additional international sites already identified for further expansion, including in the United Kingdom. 

Led by highly regarded industry leaders in the alternative energy sector with a strong track record, llios is an early entrant in the green hydrogen sector with a distinct advantage, having secured several valuable sites.  The high ROI plants being developed will utilise proven technology that will initially produce a carbon-neutral supply of 20MW per plant in Italy, and will be modular, allowing for expansion to a maximum capacity of 100MW per site. The Company seeks to build and operate its production plants or alternatively may monetize the developed sites, producing significant near-term cash flows. As a major producer, the Company will also be well positioned to enter the emerging green hydrogen trading market, expand into distribution, and benefit from government incentives, creating additional upside.

Pineapple Power Corporation plc is a UK-based specialised target acquisition and merger company headquartered in London, England.

Announcement https://is.gd/Ha0aGT

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