Australian oil and gas company, Metgasco today (August 16) revealed plans to acquire renewable hydrogen and energy developer, Patriot Hydrogen, in a staged deal worth over A$6m ($4.2m).
H2 View understands the deal would see Metgasco undertake a A$750,000 ($526,000) equity investment into Patriot with an option to acquire 100% of the company via an all-scrip acquisition, valued at A$5.9m ($4.14m).
Forming part of the petroleum firm’s diversification strategy, the acquisition would see Metgasco offer hydrogen as a Net Zero energy option, while also offsetting some of its own emissions associated with its natural gas production assets.
... to continue reading you must be subscribed
