Australia-based clean fuel company Eden Energy Ltd has acquired Chicago-based hydrogen generating systems company HyRadix Inc in a scrip deal worth around AU$695,000 (US$576,000) the company announced today.
Eden will issue one million of its ordinary shares to HyRadix and commit to providing such funds as necessary to pay off HyRadix’s $1.2 million in liabilities, including an injection of AU$632,000(US$524,000) for working capital, the company said in an announcement.
The company will also offer HyRadix staff 5.2 million options to acquire Eden shares over the next three years.
Eden says the US systems are a natural fit for integration with its own suite of hydrogen fuel technologies – in particular allowing for onsite production and dispensing of Hythane, a mixture of hydrogen and natural gas.
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