Power specialist drops plans to acquire hydrogen refuelling firm

Pineapple Power has abandoned plans to acquire Skipton hydrogen refuelling firm Element 2.

The specialist acquisitions firm said since the proposed reverse takeover (RTO) was announced in April the two firms had failed to reach agreement on valuation and the final structure of the transaction, and it had decided not to proceed with plans to acquire 100% of Element 2’s outstanding shares.

Element 2 is building a network of hydrogen refuelling stations and providing a regular supply of fuel cell grade hydrogen to commercial fleet owners and operators, and engine testing facilities.

The company operates at 5 hydrogen refuelling locations across the UK, and is in the process of building two permanent public refuelling stations along the M6 and A1(M) motorways.

When the RTO was announced in April the firm said it would enable it to rapidly expand its network of refuelling stations and support its ambitious growth plans, thus accelerating the UK’s transition to net zero road transport.