Technology investor PPK Group Limited said its agreement to purchase a 33 per cent interest in Victoria-based storage battery manufacturer PowerPlus Energy is now unconditional.
In an ASX announcement, PPK said it is planning to complete the transaction on 3 May and subscribe for newly issued shares in PowerPlus Energy, bringing PPK’s total shareholding to 51 per cent.
Melbourne-based PowerPlus Energy is a leading producer of lithium ferro phosphate stationery storage batteries. The company supplies long-lasting modular battery storage solutions for on-grid and off-grid homes and businesses.
As part of the purchase agreement, PPK will also help the battery manufacturer in its growth initiatives with the addition of Glenn Molloy and Ben Spincer to the board of PowerPlus Energy.
PPK continues to retain a clear fixed price pathway to increase its interest further to 75 per cent within two years.
The Victorian company’s onshore manufacturing possesses clear synergies with PPK’s existing investment in Li-S Energy, said PPK Chairman Robin Levison.
The acquisition is also aligned with PPK’s key business, commercial, and operational strategies, and the company’s objectives in investing in and commercialising opportunities in the technology sector.
PPK’s portfolio of investments currently includes nanotechnology companies BNNT Technology and White Graphene, ballistic protection company Craig International Ballistics and transport analytics software-as-a-service startup Advanced Mobility Analytics Group.
PPK previously announced its series of conditional transactions to acquire a material interest in PowerPlus Energy in early March.
