Triple Energy Limited (to be renamed HyTerra Limited) has agreed with Neutralysis Industries Pty Ltd to make recommended offers to its shareholders to acquire 100% of Neutralysis.
Neutralysis is an Australian-based company focused on developing and implementing hydrogen projects. It has entered into a Joint Development and Earn-in Agreement (JDA) with Natural Hydrogen Energy LLC (NH2E), a Colorado-based company. NH2E has ownership of an already drilled hydrogen exploration well in Nebraska, US.
Under the agreement, Neutralysis can acquire a 30% interest in the JDA by expending US$5 million on work programs agreed between the parties. The amount of US$1,511,242 has already been contributed towards development costs by Neutralysis to develop and progress the development assets.
By expending a further US$15 million, Neutralysis can acquire an additional 21% to take its equity interest in the JDA to 51%.
The acquisition is targeted for completion in the Q2 of 2022 and will underpin TNP’s mission of pioneering the exploration and production of natural hydrogen. Together, TNP and NH2E aim to commercialise natural hydrogen sourced from within the earth. Exploring natural hydrogen is an emerging field in geosciences, and if commercial resources can be developed, it can potentially disrupt the existing energy paradigm.
The proposed acquisition is subject to various approvals. As part of the acquisition, Triple Energy proposes to complete a capital raising to raise a minimum of $5,000,000 and a maximum of $7,000,000 subscriptions.