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VivoPower, Future Automotive combined company to be headquartered in UK
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VivoPower, Future Automotive combined company to be headquartered in UK
Sep 26, 2024 11:10 PM

Sept 25 (Reuters) - Power infrastructure developer

VivoPower International ( VVPR ) said on Wednesday that the

combined company, following its merger with Future Automotive

Solutions and Technologies (FAST), would be headquartered in the

United Kingdom.

VivoPower ( VVPR ) said it hopes to qualify for potential government

incentives in the UK, which has a target to decarbonize its

electricity sector by 2030.

"This is in an effort to qualify for significant and

attractive potential UK Government incentives that have been

announced," the company said in a statement.

Earlier this month, VivoPower ( VVPR ) had signed a non-binding

agreement to merge with Canada-based hydrogen technology firm

FAST, which would create a $1.13 billion combined company.

After the deal is completed, VivoPower ( VVPR ) will acquire FAST and

issue restricted shares as consideration. FAST shareholders will

own 51% of the combined company.

Shares of VivoPower ( VVPR ) were up 3.7% in trading after the bell.

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