Pineapple Power to Acquire Ilios Hydrogen for £33 Million Amidst Previous Deal Challenges and Due Diligence.

UK special purpose acquisition company, Pineapple Power Corporation PLC (LON:PNPL), has agreed to acquire Canada-based green hydrogen plants developer Ilios Hydrogen Canada Limited for GBP 33 million (USD 40.6m/EUR 37.9m). The deal is pending due diligence and the signing of a definitive agreement, among other conditions, and the combined entity will aim to remain listed on the Main Market of the London Stock Exchange. This comes after PNPL had its previously sealed non-binding business combination agreement scrapped due to insufficient capital or an agreement on the valuation and final structure of the transaction.