Houston American Energy Corp. (NYSE American: HUSA) (“HUSA” or the “Company”) has completed its acquisition of Abundia Global Impact Group, LLC (“AGIG”), creating a leading company focused on converting waste plastics into high-value, drop-in low-carbon fuels and chemical products.
The combined company will be led by Abundia’s founder, Ed Gillespie, who will serve as Chief Executive Officer and will join the Board of Directors. This strategic acquisition leverages HUSA’s public market platform to accelerate Abundia’s growth, scale its technology and execute on its plan to develop large-scale recycling projects, beginning with a new facility planned for the U.S. Gulf Coast.
“The completion of this acquisition represents a pivotal transformation for HUSA,” said Peter Longo, Chairman of the combined company. “Abundia has a commercially ready solution for converting waste into valuable fuels and chemicals, with a backlog of development opportunities utilizing proprietary technologies and key industry partnerships. This transaction gives HUSA shareholders a ready-made platform and project pipeline for future value generation as the fuel and chemical industries accelerate their adoption of low-carbon solutions and sustainable aviation fuel.”
CEO of the combined company Ed Gillespie commented, “This is a landmark moment for Abundia and a major step forward for the renewable industry. Joining forces with HUSA and entering the public capital markets positions us to accelerate growth, scale our technology and expand our influence within the renewable and recycling industries. I am proud of the hard work and determination of both the AGIG and HUSA teams to finalize this transaction. We look forward to delivering shareholder value and critical technologies to reduce carbon emissions.”
Key Highlights of the Combined Company
- Targeting a Multi-Billion Dollar Market: Directly serves the growing global demand for renewable fuels, Sustainable Aviation Fuel (SAF), and recycled chemical feedstocks
- Proprietary, Commercially Ready Technology: Utilizes a proven pyrolysis process to convert waste plastics into valuable, drop-in fuels and chemicals
- Project Development: Near-term plans to develop a large-scale project in the U.S. Gulf Coast, which is a strategic location with access to waste feedstock and downstream customers, a large workforce and multiple transportation options
Key Highlights of the Transaction
- Proven Executive Leadership: The combined company will be led by:
- Ed Gillespie, Chief Executive Officer and Board Member
- Peter Longo, Chairman of the Board
- Lucie Harwood, Chief Financial Officer
- Joseph Gasik, Chief Operating Officer
- Structure: Abundia Global Impact Group, a Delaware Limited Liability Company, will become a wholly-owned subsidiary of HUSA through an exchange of outstanding membership interests of AGIG for newly authorized shares of HUSA common stock.
