Molecular Energies PLC on Friday said it sold a stake in Atome Energy PLC to CFT Ventures, a Crandall Family Trust company, with the trust’s Mark Crandall being the former head of Glencore PLC’s oil trading business before 1993.

Crandall is also the co-founder of commodity trader Trafigura.

Molecular is an Argentina and US-focused oil and gas production company. Atome is a Leeds, England-based producer and marketer of green hydrogen and ammonia.

Molecular said the sale of 800,000 Atome shares for £1.00 each lowered its stake in Atome to about 20.5% from about 22.5% previously.

Atome Energy shares were up 1.1% to 93.00 pence each on Friday morning in London, while Molecular Energies shares climbed 5.7% to 120.00p each.

Molecular Chair Peter Levine said: ‘This first sale of Molecular’s investment in Atome not only is deliberately made to bring in further serious investors into Atome, broadening the share register, but it also demonstrates the value both already created by Molecular in Atome and projected in the future by the planned spin off and initial public offering of our Green House Capital division.’

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