Molecular Energies PLC on Monday said it now owns 100% of Dual Fuel Ltd, a hydrogen mobility engineering company.

Molecular Energies, formerly known as President Energy PLC, is an Argentina and US-focused oil and gas production company. It has additional assets in Paraguay.

In June, the company said its Green House division was in advanced negotiations to increase its stake in Dual Fuel Ltd from 50% to 100%, and had entered a framework co-operation agreement with infrastructure consulting firm Aecom.

On Monday, Molecular said it has now completed the acquisition of the remaining 50% of DFL, which was previously owned by its engineering and technology partner, G-volution.

The transaction is part of a process of simplifying the Green House structure prior to the projected spin off and initial public offering of that division.

Molecular said the acquisition price was for a nominal amount. All funding of DFL to date has been made by Molecular by way of an inter-group loan, it added.

‘Whilst DFL is currently in the midst of engineering a solution to retrofit existing trucks to use a combination of hydrogen and diesel with the lead country Paraguay utilising the group’s own generated hydrogen, DFL is now in parallel moving to engineer a like retrofit solution for barges. Paraguay has the third largest barge fleet in the world providing fertile opportunities for DFL,’ Molecular said.

Shares in Molecular closed down 0.4% to 118.00 pence each in London on Monday.

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