After the preliminary agreement signed this May, TEP Renewables Ltd and Accretion Energies Ltd, part of the Gluon Group, have entered Heads of Terms to combine their businesses and create an integrated platform of assets to develop, build, own and operate green hydrogen production facilities designed for specific industrial offtake segments in addition to continuing growing the businesses of the combined entities in the existing territories.
TEP Renewables and Accretion will join forces to create a world-class team with outstanding industry expertise and business focus. The business combination is a unique opportunity to leverage the complementary and overlapping parts of the businesses of the two companies and the compatibility of the companies’ cultures.
The shared vision and passion for innovative engineered solutions to accelerate the clean energy transition will benefit the customers of the combined company through an enhanced value proposition catering to the growing demand for hydrogen used in processing, transport and other industrial applications without compromising on the objectives of our ecological sustainability.
The proposed transaction is targeted to be completed in the second half of 2023.
Upon the closing of the business combination, it is the expectation that the ordinary shares of the combined company will be listed on Nasdaq or New York Stock Exchange (NYSE).