Business
Acquisition of Renewable Water Production Business
Acquisition of Renewable Water Production Business.
About this update from Chariot Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n 30 January 2023\n \n \n \n \n \n \n Chariot Limited\n \n \n \n (\"Chariot\", the \"Company\")\n \n \n \n \n \n Acquisition of Renewable Water Production Business\n \n \n \n \n \n Complementary strategic addition to Chariot's portfolio\n \n \n \n \n \n Chariot Limited (AIM: CHAR), the Africa focused transitional energy company, is pleased to announce it has\n entered into a sales agreement for the acquisition of the business and assets of an independent water producer, ENEO Water PTE Limited (\"ENEO\"), an African company focused on delivering clean water solutions using renewable energy. This acquisition complements Chariot's Transitional Power and Green Hydrogen businesses within the context of increasing water scarcity across\n Africa\n . \n \n \n \n \n \n ·\n Desalinated water is\n an essential\n component of green hydrogen production, so\n the capacity to implement desalination solutions powered by renewable energy will be critical for the feasibility of\n Project Nour in Mauritania and other green hydrogen projects\n ;\n \n \n ·\n Chariot's intention is to provide affordable access to water for private offtakers and municipalities in Africa, as part of its commitment to socially responsible development. Chariot intends to originate, invest in and own decentralised water supply projects, where the water is produced through renewable energy and can be sold\n to offtakers under long-\n term agreements;\n \n \n ·\n ENEO\n utilises an\n efficient,\n modular and scalable reverse osmosis technology that can be 100% powered by solar energy to produce\n desalinated water\n ;\n \n \n ·\n A proof\n -\n of\n -\n concept project at the\n largest windfarm\n in the Republic of Djibouti is under construction which will\n give\n local communities\n access to\n potable water\n for the next 20 years; and\n \n \n ·\n Consideration for the acquisition shall be payable in Chariot Ordinary Shares with an initial US$0.5 million payable on completion of the sales agreement and a further deferred consideration of up to US$0.5 million payable on the achievement of financial close on further projects.\n \n \n \n \n \n Benoit Garrivier, Head of Chariot Transitional Power, commented:\n \n \n \n \n \n \"Water is a precious commodity with cleanliness, scarcity and susta...