VivoPower, Future Automotive combined company to be headquartered in UK

VivoPower

25/09/2024 23:23

Sept 25 (Reuters) - Power infrastructure developer
VivoPower International  VVPR.O  said on Wednesday that the
combined company, following its merger with Future Automotive
Solutions and Technologies (FAST), would be headquartered in the
United Kingdom.
    VivoPower said it hopes to qualify for potential government
incentives in the UK, which has a target to decarbonize its
electricity sector by 2030.
    "This is in an effort to qualify for significant and
attractive potential UK Government incentives that have been
announced," the company said in a statement. 
    Earlier this month, VivoPower had signed a non-binding
agreement to merge with Canada-based hydrogen technology firm
FAST, which would create a $1.13 billion combined company.
    After the deal is completed, VivoPower will acquire FAST and
issue restricted shares as consideration. FAST shareholders will
own 51% of the combined company.
    Shares of VivoPower were up 3.7% in trading after the bell.
    

 (Reporting by Vallari Srivastava in Bengaluru; Editing by
Mohammed Safi Shamsi)
 ((Srivastava.Vallari@thomsonreuters.com;))