REG - Molecular Energies - Green House Capital Acquisition, Vehicle Test

Molecular EnergiesAnnouncement

16/08/2023 07:00

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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 £25,000 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
(http://www.molecularenergiesplc.com) or contact:

 

 Molecular Energies PLC                      +44 (0)20 7016 7950

 Peter Levine, Chairman                      info@molecularenergiesplc.com (mailto:info@molecularenergiesplc.com)

 Rob Shepherd, Group FD

 Dual Fuel                                   +44 (0)20 7016 7950

 Louis Wright                                louis.wright@dualfuellimited.com (mailto:louis.wright@dualfuellimited.com)

 finnCap (Nominated Advisor and Broker)      +44 (0)20 7220 0500

 Christopher Raggett, George Dollemore

 Tavistock (Financial PR & IR)               +44 (0)20 7920 3150

 Simon Hudson, Nick Elwes, Charles Baister

 

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.

 

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