Green hydrogen firm Fusion Fuel has made a major shift in its strategy, which will see it effectively taken over by the owners of a fossil fuel services company, as it “recalibrates” after its Portuguese subsidiary’s insolvency.
The firm announced it would be taking a 70% stake in Dubai-headquartered Quality Industrial Corp. (QIND), a gas supply and services firm specialised in consulting, designing, supplying, installing and maintaining liquefied petroleum gas (LPG) systems.
Fusion Fuel said it had signed a binding agreement to acquire the majority share in QIND from its controlling shareholders as it builds out a “full-service energy engineering business, combining capabilities in both the traditional and clean energy sectors.”
However, the company revealed last week that its Portuguese subsidiary was filing for insolvency, having been left high and dry by an investor who didn’t pay $33.5m for shares.
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