Element 2 presently operates at 5 hydrogen refuelling locations across the UK today, and is in the process of building two permanent public refuelling stations along the M6 and A1(M) motorways.
In a press release, Element 2 said the proposed RTO will enable it to rapidly expand its network of hydrogen refuelling stations and support its ambitious growth plans, accelerating the UK’s transition to net zero road transport.
Commenting on the announcement, Tim Harper, Element 2’s founder and CEO, said:
“We are excited to join forces with Pineapple Power, who share our vision for the rapid decarbonisation of UK road transport. With their support, we can expand our network of hydrogen refuelling stations, reaching more customers and supporting the growing number of hydrogen-powered HGVs, vans, buses, refuse vehicles and cars arriving on UK roads.”
Element 2 believes the acquisition comes at a critical time, stressing that the UK government is increasing its focus on decarbonisation and clean energy.
The company says that its expertise in hydrogen and refuelling infrastructure, together with Pineapple’s deep experience in renewable energy and capital markets, mean the two companies are well-positioned to lead the charge towards a sustainable, low-carbon future.
Claudio Morandi, Chairman of Pineapple Power, added:
“We are delighted to have agreed heads of terms on this potential acquisition. During the past few months, we have reviewed numerous projects and believe the Proposed Acquisition meets our stated objective of identifying a potentially extremely valuable entity involved in the renewable energy sector and clean and green technologies.”