Botala Energy acquires full control of Serowe CBM Project

Botala Energy is advancing its endeavours to enhance its market presence in hydrogen energy sector by acquiring the entire shareholding of the Serowe Coal Bed Methane (CBM) Project from its joint venture partner, Pure Hydrogen Corporation Limited.

The two companies have signed a memorandum of understanding to jointly investigate hydrogen projects in southern Africa. Through the joint venture, Botala Energy aims to establish a hydrogen and renewables joint venture to manufacture, store, market and distribute hydrogen and renewable energy in southern Africa, based in Botswana.

Botala Chief Executive Officer, Kris Martinick said the acquisitions and partnerships are poised to create significant value for shareholders by consolidating assets, leveraging synergies with Pure Hydrogen and pioneering the development of renewable energy infrastructure in southern Africa. “This acquisition comes at an ideal time as we continue to advance the pilot project with the aim to convert to a commercial development upon success. PH2 has been an amazing partner from providing support in our IPO through to technical support and reviews of the exploration and appraisal programmes.” The parties have agreed to modify certain project milestones including the design, finance and build an electrolyser Micro Hub as a commercial demonstration of a standalone H2 manufacturing and filling station as well as the commercial production of hydrogen. For his part, Pure Hydrogen Chief Executive Officer, Scott Brown said converting 30 percent interest in Serowe into an increased shareholding in Botala strengthens the company’s equity interest in what is an excellent company and allows it to simplify its activities and focus efforts and funding commitments to hydrogen business including, Hdrive. “We have effectively minimised and limited our funding for this project but still maintained an upside exposure to the Serowe Project through our shareholding in Botala.”