Yorkshire engineering group sells £11.1m alternative energy division
A Yorkshire-headquartered engineering group has sold its alternative energy division for £11.1m.
Keebles LLP has advised Pressure Technologies on the £11.1m sale of Greenlane Biogas to Creation Capital Corp, a company listed on the Canadian TSX Venture Exchange.
Law firm Keebles worked closely with Pressure Technologies to facilitate the cross-border transaction, which will enable Pressure Technologies to focus investment on its core specialist engineering business.
Joanna Allen, chief financial officer of Pressure Technologies, said: “The completion of this sale concludes the board’s process to realise the potential of the Greenlane Biogas business in the expanding market for renewable natural gas.
“I would like to thank the Greenlane team for their hard work and wish them and the new leadership team all the best for their future as Greenlane Renewables Inc. We will remain a supportive shareholder and anticipate retaining our holding for the medium term.”
Michael Hall, partner at Keebles, added: “We are delighted to have supported Pressure Technologies on this key strategic disposal.
“The transaction is an extremely positive one for all parties and we join with Pressure Technologies in wishing the Greenlane team well as they move forward as an industry leader in the global renewable energy market.”
Access free online guidance for North East businesses in the Growth Hub North East's COVID-19 toolkit →