Fusion Fuel Signs Non-Binding Letter Of Intent To Acquire 100% Of Privately Held British Fuel Distribution Company

DUBLIN, Ireland, April 09, 2025 (GLOBE NEWSWIRE) -- via IBN – Fusion Fuel Green PLC (NASDAQ:HTOO) ("Fusion Fuel" or the "Company"), a leading provider of full-service energy engineering and advisory solutions, today announced that it has signed a non-binding letter of intent ("LOI") to acquire 100% of a privately held British fuel distribution company (the "Target").

In the proposed acquisition, the Company will purchase 100% of the outstanding shares of the Target from its shareholders for total consideration valued at £50 million, consisting of £25 million in cash funded through debt financing, £2 million in cash financed from a capital raise, £8 million in the Company's shares subject to a make-whole agreement, and two additional payments of £7.5 million cash each within nine months and 18 months from the closing.

The Target reported over $50 million in revenue and $4 million in net income for the year ending in 2023 and delivered strong growth in 2024, generating over $54 million in revenue and $7 million in net income. The transaction, if consummated, would mark a significant expansion of Fusion Fuel's presence in the energy distribution sector, aligning with the Company's broader strategic objectives.

John-Paul Backwell, Chief Executive Officer of Fusion Fuel, commented: "This proposed transaction reflects our progress in executing our growth strategy, which began with our acquisition of Quality Industrial Corp. late last year. Our short-term priority is to build a synergistic portfolio of profitable and cash-generating businesses across the energy value chain. In addition to significantly increased revenues and profitability, acquiring this United Kingdom-based fuel distribution company would enable us to expand our footprint in the energy distribution space while also broadening our geographic presence into a key new market."

The LOI is non-binding, and consummation of the transaction remains subject to further due diligence, the negotiation of definitive agreements, and the satisfaction of customary closing conditions, including regulatory approvals. The Company expects to provide further updates as discussions progress.