16th Aug 2023 12:42
(Alliance News) - Molecular Energies PLC on Wednesday said its Green House Capital division has agreed upon an acquisition in South America, ahead of its planned spin-off from Molecular Energies and separate listing.
Green House Capital will buy a 70% stake in Quanto SA, a company in Paraguay that has developed a payments application. Quanto means 'how much', and the app is in beta testing. GHC plans to give the app a "green aspect" and potential features that will create synergy with other parts of Molecular Energies.
GHC will pay USD25,000 to buy the stake in Quanto from Molecular Energies Chair Peter Levine. GHC itself is 25% owned by Levine and 75% by Molecular Energies. It will pay Levine only upon the completion of its proposed initial public offering as Green House Capital Group PLC.
Separately, Molecular Energies said that within a month it will start testing a diesel engine converted to run on a mixture of diesel and hydrogen. The tests will be carried out at Helical Technical Centre in Lancashire. The company hopes to start commercial retrofitting of trucks in Paraguay to dual fuel in 2024.
Shares were down 4.0% at 120.00 pence in London early on Wednesday afternoon.
By Tom Waite, Alliance News editor
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