On 6 November 2023 the Company announced that it had entered into non-binding heads of terms to acquire Ilios Hydrogen Canada Limited ("Ilios"). Since that time, both the Company and Ilios have spent considerable time attempting to raise the capital required for the transaction and to reach an acceptable agreement on valuation and the final structure of the transaction. To date, this has not been possible and the Company therefore announces that the proposed acquisition of Ilios has been terminated.
The Company is pleased to announce that it has agreed in principle the acquisition of 100% of the outstanding shares in FUSE-AI GmbH ("FUSE-AI") 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.
