Fusion Fuel Completes QIND Acquisition and Announces Leadership Changes
Deal News | Nov 26, 2024 | Globenewswire
Fusion Fuel Green PLC, listed on NASDAQ as HTOO, has announced the successful acquisition of a controlling interest in Quality Industrial Corp. through a share exchange, strengthening its position in the green hydrogen sector. This strategic acquisition provides Fusion Fuel with a robust platform to cater to the growing demand for renewable energy and industrial gas services. Following the transaction, John-Paul Backwell has been appointed as the new CEO of Fusion Fuel, while former CEO Frederico Figueira de Chaves transitions to Chief Strategy Officer and Head of Hydrogen Solutions. The acquisition involves post-closing requirements, including obtaining necessary approvals to ensure the deal's sustainability. Fusion Fuel remains committed to sustainable energy solutions, and this acquisition is seen as a major milestone in their expansion strategy. A stock purchase agreement for this transaction, dated November 19, 2024, outlines the acquisition of 70% of QIND's shares. The company plans to hold an investor presentation to explain its strategic vision and the combined company's growth trajectory in the renewable energy market.
Sectors
- Renewable Energy
- Industrial Engineering
Geography
- Ireland – Fusion Fuel Green PLC is based in Dublin, showcasing the importance of Ireland in the company's operations and strategic growth.
- United States – The transaction involves Quality Industrial Corp., trading on OTC Pink, indicating the involvement of the US market in this acquisition.
Industry
- Renewable Energy – The acquisition positions Fusion Fuel Green PLC as a key player in the renewable energy sector, specifically focusing on green hydrogen and industrial gases.
- Industrial Engineering – The strategic acquisition enhances Fusion Fuel's engineering and advisory services in the industrial sector, providing solutions for commercial and heavy industries.
Financials
- 70% – Fusion Fuel acquired approximately 70% of the issued and outstanding share capital of Quality Industrial Corp.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fusion Fuel Green PLC | Acquirer | Company | A leading provider of energy engineering and advisory solutions with a focus on green hydrogen and industrial gases. |
| Quality Industrial Corp. (QIND) | Target Company | Company | A company providing industrial services, now majority owned by Fusion Fuel, expanding their capabilities in energy solutions. |
| John-Paul Backwell | Chief Executive Officer | Person | Appointed CEO of Fusion Fuel post-acquisition, providing leadership with his multidisciplinary experience. |
| Frederico Figueira de Chaves | Chief Strategy Officer | Person | Former CEO of Fusion Fuel, now leading strategy and hydrogen solutions post-acquisition. |
| Jeffrey Schwarz | Chairman of the Board | Person | Chairman of Fusion Fuel, commenting on leadership changes and growth trajectory. |