Thu Sep 26 12:50:00 UTC 2024: ## VivoPower to Merge with Canadian Hydrogen Company, Relocate HQ to UK to Leverage Clean Energy Incentives

**LONDON, Sept. 26, 2024** – Nasdaq-listed VivoPower International Plc (VVPR) announced today that it has entered into a strategic heads of agreement to merge with Future Automotive Solutions and Technologies (FAST), a Canadian hydrogen conversion technology company.

This merger, if completed, will see the combined entity relocate its headquarters to the United Kingdom, taking advantage of the UK government’s significant incentives for clean energy companies. The UK government, elected in July 2024, has prioritized clean energy alongside economic growth, setting a goal of net-zero carbon emissions by 2030 and banning the sale of petrol and diesel vehicles by the same year. To facilitate this transition, the government has allocated US$21 billion to two investment bodies – the Great British Energy unit and the National Wealth Fund – with green hydrogen being a key investment priority.

The proposed merger, valued at $1.13 billion, will see VivoPower acquire FAST and issue restricted shares as consideration. The combined entity will remain a UK PLC corporation, with VivoPower shareholders owning 49% and FAST shareholders owning 51%.

VivoPower, a sustainable energy solutions B Corporation company, focuses on electric solutions for off-road and on-road vehicles, while FAST specializes in hydrogen technology, including hydrogen-powered engines and conversion platforms for gasoline and diesel vehicles.

The merger, subject to a number of conditions precedent including the completion of FAST’s previously announced business combination, will be finalized within the next 90 days.

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