Houston American Energy Corp. (HUSA) is acquiring renewable fuels producer Abundia Global Impact Group (AGIG). (Source: Shutterstock.com)
Houston American Energy Corp. (HUSA) is acquiring Abundia Global Impact Group (AGIG), a company specializing in converting waste into fuels and chemicals.
HUSA will acquire 100% of AGIG’s issued and outstanding units from AGIG’s members in exchange for HUSA common shares, the companies announced Feb. 24.
HUSA will issue to AGIG’s members shares of HUSA common stock equaling 94% of HUSA’s aggregate issued and outstanding common stock at the time of closing.
Financial terms of the transaction were not disclosed.
“The AGIG acquisition aligns with our strategy to position HUSA into the multibillion-dollar renewable energy market” said Peter Longo, CEO of HUSA. “AGIG has developed a commercially ready project for converting waste into valuable fuels and chemicals, and this transaction gives HUSA shareholders a ready-made platform and project pipeline for future value generation.”
AGIG’s technologies convert plastic and biomass waste into renewable fuels and chemicals.
The company is building its first advanced plastic recycling facility in Cedar Port near Baytown, Texas.
“We are excited to use this platform to support the deployment and development of our suite of technologies that will assist in the evolution of fuel, chemical and waste markets, providing commercial alternatives and sustainable products,” said AGIG CEO Ed Gillespie.
HUSA is an oil and gas producer with properties in the Permian Basin, Louisiana and the nation of Colombia, according to investor filings.
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