Mergers & Acquisitions
Fusion Fuel Issues 500,000 Shares at $4 to Cut QIND's Al Shola Gas Obligations
By News Desk ·
Key takeaways
- Fusion Fuel will issue 500,000 Class A Ordinary Shares at an agreed $4.00 per share in exchange for $2.0 million of QIND equity.
- The restructuring is expected to reduce QIND's remaining Al Shola Gas purchase price obligations by $2.0 million to approximately $7.0 million.
- Al Shola Gas will make quarterly dividend distributions equal in aggregate to its profits, starting from the third quarter of 2026.
Fusion Fuel Green PLC agreed to issue 500,000 Class A Ordinary Shares at an agreed $4.00 per share in exchange for $2.0 million of QIND equity, restructuring QIND's remaining purchase price obligations for its 51% interest in Al Shola Al Modea Gas Distribution L.L.C. Stock Titan reported the share-exchange agreement on October 22, 2026.
Fusion Fuel is an Irish-domiciled energy platform whose businesses include Al Shola Gas, BrightHy Solutions and BioSteam Energy, according to akta.pro company records. QIND is an industrial energy company specializing in LPG infrastructure and distribution through its majority-owned subsidiary Al Shola Gas.
Fusion Fuel's Share Exchange With QIND
Under the Share Exchange Agreement dated September 23, 2026, Fusion Fuel will issue the 500,000 shares to the three Al Shola Gas shareholders, allocated 40% to Sanjeeb Safir, 40% to Safir Ahammed and 20% to Mohamed Hilal Saeed Muroushad Almheiri. QIND will issue Fusion Fuel shares of QIND common stock with an aggregate value of $2.0 million, with the number determined by the lower of QIND's closing price immediately before closing and its five-day average closing price.
The total purchase price for QIND's 51% interest in Al Shola Gas remains $10.0 million. Of that, $1.02 million has been paid in cash and $2.0 million is to be satisfied through the Fusion Fuel shares, leaving $6.98 million payable on or before December 31, 2027, comprising $6.0 million in any form QIND chooses and $980,000 in cash.
Closing conditions include Nasdaq approval of an initial listing application, required governmental approvals including any under the Irish Takeover Panel Act 1997 Takeover Rules, and accredited investor questionnaires and AML/KYC documentation for each Al Shola Gas shareholder. If the shares are not issued by December 31, 2026, QIND must make an Alternative Payment within ten calendar days.
Frederico Figueira de Chaves, Chief Executive Officer of Fusion Fuel, said, "We believe this transaction represents an attractive and efficient use of our equity while further aligning Fusion Fuel and QIND as we advance our broader strategy."
Al Shola Gas Dividends And QIND Equity
According to akta.pro company records, QIND and Al Shola Gas serve over 36,000 customers across the Middle East with gas engineering and utility solutions. The same records show Fusion Fuel's FY2025 revenue of €14.4 million, up 798.1% from €1.6 million in FY2024, driven primarily by the first full year consolidation of Al Shola Gas.
The Amendment provides that Al Shola Gas will make quarterly dividend distributions equal in aggregate to its profits for the previous fiscal quarter, distributed pro rata, commencing from the third quarter of 2026 unless the Al Shola Gas Board of Directors determines otherwise. It also grants QIND a right of first refusal over transfers of Al Shola Gas shares and an irrevocable option, exercisable on or prior to March 27, 2027, to buy the shareholders' Al Shola Gas shares at $65,359.48 per share.
Al Shola Gas Contracts And Royal Uranium Deal
In August 2026, Al Shola Gas signed subcontracts for 10 LPG engineering projects in Dubai with an aggregate value of approximately $1.4 million, Stock Titan reported. That same month, BrightHy Solutions completed the Front-End Engineering Design for a 15 MW green hydrogen production facility and passed Factory Acceptance Tests for equipment at a hydrogen refueling station in southern Europe.
In July 2026, Fusion Fuel closed its acquisition of Royal Uranium Inc., valued at $15 million, through the issuance of 3,750,018 Class A Ordinary Shares at an implied price of approximately $4.00 per share, Stock Titan reported.
Registration And Lock-Up Timetable
The Fusion Fuel shares are subject to a six-month lock-up from issuance, followed by a leak-out restriction limiting each shareholder's daily sales to 3% of total daily trading volume. Fusion Fuel has agreed to file a resale registration statement on Form F-3 no later than 30 calendar days after closing and to use commercially reasonable efforts to have it declared effective no later than 90 calendar days after closing.