Reverse Takeover: Technologies New Energy plc
Technologies New Energy plc (the Company) has completed the acquisition of Technologies New Energy S.A. (TNE), by way of reverse takeover, for the equivalent of £28 million, which was satisfied by the issue of 140 million consideration shares. The Company completed its admission to the equity shares (transition) category of the Official List and commenced trading on the Main Market of the LSE.
The Company, formerly Codex Acquisitions plc, listed on the Main Market of the LSE in March 2022, with the aim of undertaking an acquisition in the clean and renewable energy sectors.
TNE, which was incorporated in Portugal in January 2018, is a supplier of technical solutions and projects to enable energy transition and achieve decarbonisation goals at scale. Its business is formed of three units, which broadly undertake the following activities:
- consulting for third-party clients on the design and regulatory pathway for renewable energy projects and decarbonisation strategies
- operating and maintenance contracting services for third-party clients on the construction and installation of renewable energy projects
- portfolio management of a proprietary portfolio of biorefinery projects based on a TNE-specific hybrid technology concept from inception to the ready-to-build stage.
Crowe's role and team
Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Mitesh Patelia, supported by Will Smith, James Leyton and Ferdia McCarville.
Client quote
"I am delighted to announce TNE’s admission to the Main Market. This marks a logical next step in supporting our ambitious growth trajectory and strengthening our global visibility. We look forward to working with Crowe on future transactions to ensure continued success and strategic growth."
Julio Perez, Non-Executive Director, Technologies New Energy plc
