Molecular Energies PLC Green House Capital Update (1485G)
July 17 2023 - 2:00AM
UK Regulatory
TIDMMEN
RNS Number : 1485G
Molecular Energies PLC
17 July 2023
17 July 2023
MOLECULAR ENERGIES PLC
("Molecular", "the Company", or "the Group")
Green House Capital Update
Dual Fuel now 100% owned
Expanding to barges
Molecular Energies PLC (AIM: MEN), the international energy
company, provides an update on Dual Fuel Limited, the hydrogen
mobility engineering company, being part of its Green House Capital
division .
Dual Fuel Limited ("DFL")
Further to the announcement of the Company on 29 June 2023,
Molecular has now completed the acquisition of the remaining 50% in
DFL which previously was owned by its engineering and technology
partner, G-volution. The transaction is part of a process of
simplifying the Green House Capital structure prior to the
projected spin off and IPO of that division.
The acquisition price was for a nominal amount with the
beneficial relationship with G-volution continuing and now extended
on the lines of an exclusive long term commercial engineering and
technology provider. All funding of DFL to date has been made by
Molecular by way of inter group loan.
Whilst DFL is currently in the midst of engineering a solution
to retrofit existing trucks to use a combination of hydrogen and
diesel with the lead country Paraguay utilising the Group's own
generated hydrogen, DFL is now in parallel moving to engineer a
like retrofit solution for barges. Paraguay has the third largest
barge fleet in the world providing fertile opportunities for
DFL.
DFL is projecting first revenue in 2024 and the Dual Fuel
website can be found at www.dualfuellimited.com in which site there
is an informative presentation.
For more information please visit www.molecularenergiesplc.com
or contact:
Molecular Energies PLC +44 (0)20 7016 7950
Peter Levine, Chairman info@molecularenergiesplc.com
Rob Shepherd, Group FD
finnCap (Nominated Advisor and
Broker)
Christopher Raggett, George Dollemore +44 (0)20 7220 0500
Tavistock (Financial PR & IR)
Simon Hudson, Nick Elwes, Charles
Baister +44 (0)20 7920 3150
Notes to Editors
Molecular Energies PLC is an AIM listed company at the forefront
of energy development and has interests across the energy spectrum,
from oil and gas projects to subdivisions in the green and
alternative energy sub-sectors.
The Company has oil and gas production in Argentina as well as
exploration assets in both Argentina and Paraguay. The Company has
two separate subdivisions which are focused on early-stage
opportunities in the green and/or alternative energy
sub-sector.
Activities in the green and alternative energy space are being
carried out under the Green House Capital brand and through AIM
listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser
company operating in Paraguay, Costa Rica and Iceland, in which
Molecular currently has 20.5%.
With a strong strategic and institutional base of support, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, Molecular gives UK investors access to an energy
growth story combined with world class standards of corporate
governance, environmental and social responsibility.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
-ends-
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END
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