Molecular Energies PLC Green House Capital Acquisition, Vehicle Test (4254J)
August 16 2023 - 2:00AM
UK Regulatory
TIDMMEN
RNS Number : 4254J
Molecular Energies PLC
16 August 2023
16 August 2023
MOLECULAR ENERGIES PLC
("Molecular", "the Company", or "the Group")
Green House Capital Acquisition
Dual Fuel Vehicle Test
Molecular Energies PLC (AIM: MEN), the international energy
company, announces developments relating to its Green House Capital
("GHC") division.
Quanto S.A. ("Quanto")
GHC has acquired a 70% beneficial interest in Quanto, a Paraguay
private fintech company which has developed an app-based payment
system which can be used both inside and outside of Paraguay.
Quanto is "How much" in the Spanish language.
The purchase has been made by GHC by way of the acquisition of
the entire issued share capital of President Investments Paraguay
S.A, a Paraguay private company, for the discounted sum of
GBP25,000 from Alpha Energies Invest GmbH, a company beneficially
owned by chairman Peter Levine, payable only on a successful
completion of the proposed spin-out and IPO of GHC.
GHC will pivot the developed app, which is already at beta
testing stage, into an area of business not currently being
adequately served in Paraguay and the region. It is intended to
have a green aspect and also potential features where there will be
synergy with other Group businesses.
A team of developers for this further stage of the app is being
identified with a view to completing work and launching the product
in 2024.
Dual Fuel
Progress on the engineering of the conversion of diesel engines
to run on a mixture of diesel and hydrogen continues. It has been
decided that proof of concept work on a complete diesel engine will
take place in the UK starting within the next month with the test
engine now placed in the test cell with installation of the gas
detection system and hydrogen pipework completed. The test cell is
located within the engine test building at Helical Technical
Centre, Warton, Lancashire, which is also used by automotive
companies such as Bentley, McClaren and Cummins.
It is intended that after the primary test cell work, testing
will take place with a vehicle on a rolling road. This complete
vehicle test will allow a 360-degree examination of behaviour of
the engineering in a road going vehicle so that the benefits of
Dual Fuel engineering can be clearly demonstrated on a full working
model, and technical data obtained for future use, before
commencement of Dual Fuel commercial retrofitting of trucks in
Paraguay, still targeted for the New Year.
The rolling road test will also act as a showcase vehicle for
the European market to provide a transitional and economically
justifiable solution in progressive decarbonisation of road
transport when the cost and availability of dedicated hydrogen
combustion fuel or hydrogen fuel cell trucks remains very high,
combined with the lack of hydrogen refuelling/re-charging networks.
The retrofit will enable not only the vehicle to run on a mix of
hydrogen and diesel but also diesel alone. As the hydrogen fuel
tank is an addition, hydrogen will extend the existing diesel range
of the vehicle.
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
Dual Fuel +44 (0)20 7016 7950
Louis Wright louis.wright@dualfuellimited.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.
-ends-
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