Chariot Acquires Renewable Water Production Business

Monday, January 30, 2023

Chariot Limited announced that it has entered into a sales agreement for the acquisition of the business and assets of an independent water producer, ENEO Water PTE Limited (ENEO), an African company focused on delivering clean water solutions using renewable energy. This acquisition complements Chariot’s Transitional Power and Green Hydrogen businesses within the context of increasing water scarcity across Africa.

Desalinated water is an essential component of green hydrogen production, so the capacity to implement desalination solutions powered by renewable energy will be critical for the feasibility of Project Nour in Mauritania and other green hydrogen projects;
Chariot’s intention is to provide affordable access to water for private offtakers and municipalities in Africa, as part of its commitment to socially responsible development. Chariot intends to originate, invest in and own decentralized water supply projects, where the water is produced through renewable energy and can be sold to offtakers under long- term agreements;
ENEO utilizes an efficient, modular and scalable reverse osmosis technology that can be 100% powered by solar energy to produce desalinated water;
A proof – of – concept project at the largest windfarm in the Republic of Djibouti is under construction which will give local communities access to potable water for the next 20 years; and
Consideration for the acquisition shall be payable in Chariot Ordinary Shares with an initial $0.5 million payable on completion of the sales agreement and a further deferred consideration of up to $0.5 million payable on the achievement of financial close on further projects.

Benoit Garrivier, Head of Chariot Transitional Power, commented: “Water is a precious commodity with cleanliness, scarcity and sustainability of supply becoming growing themes throughout Africa. This acquisition of ENEO is a strong strategic fit for Chariot with the renewable power and water sectors sharing similar geographic and offtake markets. The treatment of brackish and contaminated water is an important consideration for commercial and industrial companies and desalinated water is also an important component of green hydrogen production, so we also have a natural overlap within our current portfolio and network.”

“The project in Djibouti provides important proof of concept and we are very pleased to be part of this operation, helping to provide water produced through renewable sources to the local communities. As the technology we use is both modular and scalable we look forward to expanding this offering, in line with our mission of creating value whilst delivering a range of positive impacts,” Garrivier concluded.

For more information on the acquisition’s financial, see the Chariot release here.

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Chariot Acquires Renewable Water Production Business

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Chariot Acquires Renewable Water Production Business

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