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 Peter Levine, ChairmanRob Shepherd, Group FD | +44 (0)20 7016 7950 info@molecularenergiesplc.com |
| 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.
