Fusion Fuel Green PLC announced on November 19, 2024, that it has signed a binding agreement to acquire an approximately 70% ownership interest in Quality Industrial Corp. (QIND). This acquisition marks a pivotal step in Fusion Fuel's strategy to build a full-service energy engineering business, integrating capabilities in both traditional and clean energy sectors.
As consideration for the stake, Fusion Fuel will issue a combination of 19.99% of its ordinary shares and convertible preferred shares. This arrangement will result in the QIND sellers holding approximately 70% of Fusion Fuel on an as-converted, fully diluted basis, aligning ownership interests for long-term growth.
QIND's operating business, Al Shola Gas, reported $11 million in revenue and $1.8 million in net income for 2023. For the first nine months of 2024, its revenue and net income were up 19.5% and 12.4%, respectively, compared to the same period in 2023. This acquisition is anticipated to provide Fusion Fuel with complementary expertise and recurring revenue from established markets.
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