Green House Capital Acquisition, Vehicle Test

Molecular Energies PLC

16 August 2023

 

16 August 2023

MOLECULAR ENERGIES PLC

("Molecular", "the Company", or "the Group")

Green House Capital Acquisition

Dual Fuel Vehicle Test

Molecular Energies PLC (AIM: MEN), the international energy company, announces developments relating to its Green House Capital ("GHC") division.  

Quanto S.A. ("Quanto")

GHC has acquired a 70% beneficial interest in Quanto, a Paraguay private fintech company which has developed an app-based payment system which can be used both inside and outside of Paraguay. Quanto is "How much" in the Spanish language.

The purchase has been made by GHC by way of the acquisition of the entire issued share capital of President Investments Paraguay S.A, a Paraguay private company, for the discounted sum of £25,000 from Alpha Energies Invest GmbH, a company beneficially owned by chairman Peter Levine, payable only on a successful completion of the proposed spin-out and IPO of GHC.

GHC will pivot the developed app, which is already at beta testing stage, into an area of business not currently being adequately served in Paraguay and the region. It is intended to have a green aspect and also potential features where there will be synergy with other Group businesses.

A team of developers for this further stage of the app is being identified with a view to completing work and launching the product in 2024.

Dual Fuel

Progress on the engineering of the conversion of diesel engines to run on a mixture of diesel and hydrogen continues. It has been decided that proof of concept work on a complete diesel engine will take place in the UK starting within the next month with the test engine now placed in the test cell with installation of the gas detection system and hydrogen pipework completed. The test cell is located within the engine test building at Helical Technical Centre, Warton, Lancashire, which is also used by automotive companies such as Bentley, McClaren and Cummins.

It is intended that after the primary test cell work, testing will take place with a vehicle on a rolling road. This complete vehicle test will allow a 360-degree examination of behaviour of the engineering in a road going vehicle so that the benefits of Dual Fuel engineering can be clearly demonstrated on a full working model, and technical data obtained for future use, before commencement of Dual Fuel commercial retrofitting of trucks in Paraguay, still targeted for the New Year.

The rolling road test will also act as a showcase vehicle for the European market to provide a transitional and economically justifiable solution in progressive decarbonisation of road transport when the cost and availability of dedicated hydrogen combustion fuel or hydrogen fuel cell trucks remains very high, combined with the lack of hydrogen refuelling/re-charging networks. The retrofit will enable not only the vehicle to run on a mix of hydrogen and diesel but also diesel alone. As the hydrogen fuel tank is an addition, hydrogen will extend the existing diesel range of the vehicle.

For more information please visit www.molecularenergiesplc.com or contact:

Molecular Energies PLC Peter Levine, Chairman Rob Shepherd, Group FD	[phone] [e-mail]
Dual Fuel Louis Wright	[phone] [e-mail]
finnCap (Nominated Advisor and Broker) Christopher Raggett, George Dollemore	[phone]
Tavistock (Financial PR & IR) Simon Hudson, Nick Elwes, Charles Baister	[phone]

Notes to Editors

Molecular Energies PLC is an AIM listed company at the forefront of energy development and has interests across the energy spectrum, from oil and gas projects to subdivisions in the green and alternative energy sub-sectors.

The Company has oil and gas production in Argentina as well as exploration assets in both Argentina and Paraguay. The Company has two separate subdivisions which are focused on early-stage opportunities in the green and/or alternative energy sub-sector.

Activities in the green and alternative energy space are being carried out under the Green House Capital brand and through AIM listed Atome Energy PLC, a green hydrogen, ammonia, and fertiliser company operating in Paraguay, Costa Rica and Iceland, in which Molecular currently has 20.5%.

With a strong strategic and institutional base of support, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, Molecular gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Peter Levine, Chairman.

-ends-

 

END