Under terms agreed on 3 November, PPC will acquire all of the issued share capital of Ilios Hydrogen for a consideration of £33 million in the form of shares in PPC.
Ilios’ current directors will form a majority of the board of the new company. PPC expects that, in conjunction with the proposed acquisition, there will be equity financing to fund future investment and working capital requirements.
Ilios has five green hydrogen sites under development in Italy, along with development activities in Canada and a pipeline of additional sites identified for expansion in the UK and other jurisdictions.
The sites are described by Ilios as “carefully selected areas that allow for the construction of electrolysers that are scalable with access to certified green energy or direct wire solar or wind power” and PPC said they will give the company “a distinct advantage” in the industry.
The modular technology used by Ilios will initially produce a supply of 20MW per plant in Italy, expanding to a maximum capacity of 100MW per site.
PPC also said that, as a major producer, the new company will be “well-positioned to enter the emerging green hydrogen trading market, expand into distribution, and benefit from government incentives, creating additional upside”.
PPC was formed in December 2020 as a ‘cash shell’ with a specific focus on acquisitions in the clean and renewable energy sectors.
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