BRISBANE, Australia--(BUSINESS WIRE)--LINE Hydrogen, a leading Australian-based hydrogen production company is pleased to announce that it has executed a Heads of Terms with Net Zero Infrastructure PLC (NZI) a Special Purpose Acquisition Company (SPAC) listed on the Main Market of the London Stock Exchange (LSE) for a reverse takeover between the two companies. The proposed transaction is expected to be completed by September 2023, subject to pre-conditions and regulatory approvals.
The strategic acquisition brings together the expertise and vision of LINE Hydrogen with the benefits arising from a listing on the LSE in the rapidly growing hydrogen energy sector. The combined entity will be well-positioned to capitalise on the increasing global demand for green and sustainable energy solutions.
This transaction represents a significant milestone for both companies and is expected to provide LINE Hydrogen with access to the necessary capital and support to accelerate its growth plans and expand its operations, including by further investing in R&D and exploring new market opportunities. By leveraging NZI’s network and market access, LINE Hydrogen should be well-positioned to drive innovation and contribute to the global transition towards a more sustainable and zero-carbon future.
"We are very pleased to announce our proposed transaction with NZI," said Brendan James, Founder and Executive Chairman of LINE Hydrogen. "The transaction reflects our shared vision of advancing the green hydrogen economy now, and providing a much needed green energy solution to diesel replacement, particularly in the areas of Heavy Transport and Heavy Industry. We believe that combining our strengths and expertise will facilitate the expansion of our green hydrogen operations and technology internationally, creating significant further value for our shareholders, and make a positive impact on the global energy landscape."
NZI’s Chairman, Mike Ellwood added, "Joining forces with LINE Hydrogen means we can leverage our joint resources with a view to expanding operations and driving the development of the green energy sector. Together, we believe that we are well-positioned to capitalize on the growth potential in this market and contribute to a more sustainable future."
The completion of the acquisition is subject to customary closing conditions, including regulatory approvals.
About LINE Hydrogen
LINE Hydrogen is at the forefront of Australian-based green hydrogen production company at the forefront of the clean energy revolution. The company specialises in the production, distribution, and storage of green hydrogen for various applications, with a focus on the delivery of commercial scale green hydrogen for diesel replacement.
About NZI
NZI was established to acquire renewable or clean energy companies and to finance, develop and promote environmentally sound projects internationally. The Company believes that due to the global concerns regarding environmental damage and climate change as a result of fossil-fuelled power generation, there exists considerable commercial opportunities in the renewable and clean energy sector which will play an increasingly significant role in meeting future energy needs while reducing further environmental damage.
