Pineapple Power to target vanadium flow battery opportunities

Pineapple Power Plc, London, UK, is a proposed new cash shell, or SPAC – Special Purpose Acquisition Company, that is currently raising money ahead of a London listing. The company has been incorporated with the view to acquiring at least one takeover target in the vanadium flow battery industry, reports.

The company’s management team has been looking at a number of opportunities in the renewable energy sector and have concluded that battery storage technology presents the most potential in terms of growth, profit and added value industry opportunities.

Clean energy and climate control are now inextricably linked, and development capital to meet these issues is attracting considerable level of investment in an industry that is expected to experience enormous growth in coming decades.

Vanadium flow batteries are expected to be a big factor – the flow battery market, valued at $187m in 2017, is expected to reach $946m by 2023. This represents a CAGR of 32.7% between 2018 and 2023. Unlike some other mineral markets, vanadium is also recyclable, and vanadium miners are able to lease the material out of battery makers.

Pineapple Power Corp. announces that, subsequent to its listing, the cash shell will be used to negotiate and acquire one or more opportunities in the vanadium battery sector specifically. The aim is to expedite the acquisition process to create maximum value for shareholders. This SPAC is backed by an experienced management team that has an established track record in the mergers and acquisitions space, reports.

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