Atome Energy set to list on the AIM market in December

Green hydrogen firm Atome Energy is planning to list on the AIM market of the London Stock Exchange in mid December.

The Leeds-based firm, which was set up by Yorkshire entrepreneur, Peter Levine, aims to be one of the first dedicated green hydrogen and ammonia production companies listed in the UK and has 350 mega watt projects in Paraguay and Iceland.

The company is currently part of President Energy, but will be spun out as part of the AIM listing.

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President Energy announced the posting of a letter to shareholders regarding a proposed dividend in specie of Atome shares which investors in President Energy will receive upon Atome’s listing. 'In specie' is the transfer of an asset in its current form rather than in the equivalent amount of cash.

Itaipu dam, located on the border between Paraguay and Brazil, the second largest hydroelectric dam in the world by output. Atome has signed an MOU with Parque Tecnológico Itaipu, the innovation arm of the organisation

This means that all shareholders in President will become shareholders in Atome, giving them exposure to the green energy market and deliverable green hydrogen projects that have existing access to power, infrastructure and green markets.

Green hydrogen has been described as the “Swiss Army Knife” of energy, providing solutions for future zero emissions particularly the harder to decarbonise sectors of heavy transport, marine and industry which have been struggling to address green energy issues through alternative means.

With material increases in the cost of fossil fuels, large-scale production of green hydrogen (made with energy from green renewable sources) is expected to be more cost competitive compared with hydrogen produced from hydrocarbon sources.

Mr Levine said Atome Energy will be an international company, headquartered in Leeds, targeting the multi-trillion-dollar potential of green hydrogen and ammonia.

The plan is to start the first phase of production by the end of 2023.

Mr Levine, a Swiss resident, will be chairman of Atome. He is the current chairman and the 29.4 per cent shareholder of President Energy.

He was formerly the founder and largest individual shareholder of the FTSE 250 company Imperial Energy Corporation, which was sold to ONGC of India for £1.8bn in 2008.

For many years Mr Levine was the chairman of the then FTSE 250 company Severfield-Rowen (which became Severfield) as well as Keltbray.