18th Sep 2014 09:06
LONDON (Alliance News) - Pressure Technologies PLC Thursday said it has agreed a deal to acquire the business and certain assets of New Zealand-based Greenlane Biogas Holdings Ltd.
Pressure will pay NZD25 million for the acquisition, comprising NZD12 million upfront and up to NZD13 million over four years dependent on the performance of Greenlane.
Greenlane is a provider of biogas-to-grid waterwash technology, which upgrades raw biogas into high-purity biomethane.
Pressure said it would create an enlarged energy subsidiary following the acquisition, comprising both Greenlane and its existing Chesterfield Biogas Ltd business. It expects the deal to be earning enhancing in the year to October 2016.
"We believe that this deal represents an excellent opportunity to expand the group's alternative energy division with the acquisition of a business, intellectual property, technology and employees that we know very well," said Pressure Chairman Alan Wilson.
"Our intention is to combine Greenlane's proven patented technology with our commercial and management capabilities to capitalise on the significant global market opportunity," said Wilson.
Pressure shares were up 0.3% to 632.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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