REG - Pineapple Power Corp - Corporate Update

Pineapple PowerAnnouncement

18/04/2024 08:00

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RNS Number : 0412L  Pineapple Power Corporation PLC  18 April 2024

Pineapple Power Corporation PLC

April 18, 2024

Corporate Update and Conditional Board Appointments

Pineapple Power Corporation plc ("Pineapple Power" or "the Company") is
pleased to provide an update on its activities.

As announced November 6, 2023 the Company entered into a non-binding Heads of
Terms agreement with the shareholders of Ilios Hydrogen Canada Limited ("Ilios
or Ilios Hydrogen"), based in Vancouver, B.C., Canada, to acquire 100% of the
outstanding shares of Ilios in an all-share transaction, subject to legal,
financial and other due diligence and entry into a legally binding sale and
purchase agreement (the "Proposed Acquisition").  As no binding agreement has
yet been reached, the Company cannot guarantee that the Proposed Acquisition
will complete.

Since that date, the companies have held discussions with a number of
investment banks regarding the financing requirements of the corporate
development plans of the combined entity and the Board of Directors'
composition going forward.

Pineapple Power Corporation PLC is pleased to announce today that, conditional
upon the completion of the RTO and the successful raising of the required
financing to complete the transaction with Ilios Hydrogen, it has reached
agreement with Dr Graham Cooley to serve as Non-Executive Chairman, Dr Peter
Williams as Non-Executive Director and Barry Cunliffe as Chief Financial
Officer and Interim Chief Executive Officer.

Dr Graham Cooley started his career in the power sector in 1989, joining the
CEGB and becoming Business Development Manager at National Power plc and then
International Power plc, developing energy storage and new generation
technologies. Graham has raised a total of over £600m for British Cleantech
SMEs. Graham was CEO of ITM Power plc, the first hydrogen related company
listed on the London Stock Market, a founding member of the UK Government's
Hydrogen Advisory Council and a Board Member of RenewableUK. Graham has a PhD
in Physics, an MBA, and is a Fellow of The Energy Institute (FEI), The
Institute of Metals, Minerals and Mining (FIMMM), The Institution of
Engineering and Technology (FIET) and was awarded the Lifetime Fellowship
Award by The Bessemer Society. Graham is currently a Non-Executive Director of
Cadent Gas and Non-Executive Chairman of Light Science Technologies.

Dr Peter Williams is Group Technology Director and Head of Investor Relations
for INEOS. He moved to this position in January 2017 having spent the previous
eleven years as Chief Executive of INEOS Technologies. He also serves as a
non-Executive Director on the Supervisory Board of Avantium N.V. is a
non-Executive Director of V-Carbon, and until February 2024 was a
non-Executive Director of First Hydrogen UK. He currently sits on the UK's
Building a Green Future Advisory Board and was a member of the UK's
Engineering and Physical Sciences Research Council from 2018-2024. Before
joining INEOS in 2006, Dr Williams spent over 20 years with BP in a variety of
senior management roles in business, technology, and strategy.

Barry Cunliffe FCA, a Chartered Accountant since 1994 and Fellow of the ICAEW
since 2004 holds a BA (Hons) degree in Accounting and Management. After
qualifying Barry became UK Financial Controller and Company Secretary with
Insituform Technologies Inc. a NASDAQ listed Civil Engineering company, then
International Financial Controller with Kvaerner plc Mining and Tunnelling
and, then, Group Finance & HR Director and Company Secretary with the
SOGEPAR SA Group Europe's largest independent stainless-steel processor and
trader. Barry joined ITM Power as CFO & Company Secretary in 2009 for over
4 years, before becoming Group Finance & HR Director and Company Secretary
at the Tinsley Bridge Group in Sheffield. Barry then re-joined ITM Power in
2021 becoming Managing Director of Motive Fuels Ltd and head of Aftersales.
Barry was the President of the ICAEW for the South Yorkshire area in 2019 and
is a Freeman of The Company of Cutlers in Hallamshire. Barry is currently
Interim Finance Director for an £80m T/O privately owned specialist retailer.

These provisional appointments add a considerable depth of knowledge and
experience in the development of the nascent hydrogen industry in Europe and
elsewhere and the Company is delighted to welcome Graham, Peter and Barry to
the team.

About Ilios Hydrogen Canada

Ilios Hydrogen Canada is a privately held, Canadian based, international
developer of green hydrogen production plants with an existing portfolio of
four sites being developed in Italy and three sites in Canada and more
recently a further three sites in the United Kingdom. The five year business
plan is to develop build and operate up to 2,000 MW of sites in Italy, 125 MW
of sites in Canada and a further 200 MW of sites in the UK, serving industrial
off takers and the mobility markets

About Pineapple Power Corporation PLC

Pineapple Power was formed as a cash shell with a specific focus on potential
acquisitions in the clean and renewable energy sector, as outlined in its
listing prospectus. During the past year this focus has narrowed to the
immense potential for revenue generation and the growth prospects within the
renewable energy space especially as it pertains to Hydrogen production, a
rapidly growing industry.

 

 Pineapple Power Corporation PLC
 Claudio Morandi - Director

                                      +44 203 039 3913

 Clive de Larrabeiti

 Corporate Finance Advisor

 clive.d.l@pineapple-powercorp.com

                                      +44 797 317 7973
 Joint Corporate Broker

 Peterhouse Capital                   +44 207 220 9791

 Charles Goodfellow

 cg@peterhousecap.com

 Joint Corporate Broker               +44 203 179 5355

 Oberon Capital

 Nick Lovering

 nicklovering@oberoninvestments.com
 Media Relations

 David Burton

 Total Market Solutions

 davidburton.tms@gmail.com

 

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