Engineering group to complete sale of biogas division

Pressure Technologies is expected to complete on the sale of its biogas division to a Canadian investor more than six months after first revealing the deal.

The Sheffield engineering group first announced the deal to sell Greenlane Biogas for £11.1m in December last year.

Greenlane is a world leader in technology used to upgrade biogas generated from landfills, waste water treatment plants, and agricultural and food waste into a clean and marketable renewable natural gas product.

Completion has been delayed while Creation Capital Corp achieved a private placement and secured approvals from TSX-V, the Toronto stock exchange’s venture exchange.

It was seeking to raise about £7m (C$12.0m) to fund the acquisition and working capital.

The original payment terms to buy Greenlane were £5m cash, £2m shares and £4.1m by way of a promissory note.

Pressure Technologies has said that final details of thesSale will be announced at completion, which is expected to be by Friday.