Chariot acquires Africa-focused renewable and hybrid power developer

Chariot ATR 2 JuneChariot, Africa-focused transitional energy group, has announced the acquisition of Africa Energy Management Platform (AEMP), a renewable and hybrid power developer focused on the mining sector in Africa

Initial consideration payable on completion of the share purchase agreement is US$1.16mn in Chariot Ordinary Shares based on the 30-day VWAP prior to the signing of the SPAs (representing 9,196,926 shares) and US$0.09mn in cash.

Adonis Pouroulis, acting CEO of Chariot, commented, “The launch of Chariot Transitional Power places the company in a unique position in the market. This acquisition will see us work with our partner, Total Eren, to provide clean, sustainable and more competitive energy to operational mines in Africa. A market of significant scale, that is largely untapped, where Chariot's management has a deep understanding and high-level commercial networks.”

The focus on transitional energy can also be seen at our Anchois gas discovery, where Chariot has the potential to provide the kingdom of Morocco with natural gas, enabling the country to achieve its target of decarbonising its economy and reducing its dependence on imported fuels.

Following the completion of the fundraise, which is subject to shareholder approval at the forthcoming general meeting, Chariot will occupy an exciting inflexion point in its history. The management team continue to be fully aligned with our investors and remain focused on delivering value for all our stakeholders.

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