Pineapple Power Corporation PLC to become Irish fund management company

Since 2007 BVP has successfully raised and managed 14 Green BES and EII funds, which have invested in some of Ireland’s most innovative companies.

Pineapple Power Corporation PLC (LSE: PNPL, FRA: 8JZ) (LSE: PNPL), the cash shell, is considering merging with BVP Investments, an Irish fund management company, and changing its name to Cool Capital.

BVP focuses on companies in the green sector that have developed technologies and services that address issues of sustainability, resource efficiency and the wider environment.

Pineapple Power has entered into non-binding agreements with BVP and the major shareholders of BVP to acquire BVP Investments as part of a share purchase transaction.

Following the completion of the proposed acquisition, the current directors of BVP will form the majority of the board of directors of the company and the vendors of BVP will become majority shareholders of the enlarged company, making it a reverse takeover.

Trading in Pineapple shares has been suspended pending the completion of the acquisition. If the reverse takeover happened, Pineapple would move from the main market to AIM, likely in the last quarter of this year.

The company also expects it will need to raise new capital.

“Over the past few months we have reviewed numerous projects and believe that the proposed acquisition meets our stated objective of identifying a potentially extremely valuable entity combined with a portfolio of companies involved in renewable energies, the circular economy. and clean and green technologies, ”said Claudio Morandi, President of Pineapple Power.

“Ireland is home to some of the most innovative and exciting companies involved in these exciting industries and the vision shared between us and BVP is to expand their highly successful investment strategies internationally using the extensive network of contacts Pineapple financials. We believe that the success of this merger will position the larger company – Cool Capital PLC – for rapid expansion and increased value. The combination of astute financial management and access to international capital markets is a combination convincing, ”he added.

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