Yorkshire-based Pressure Technologies completes sale of Greenlane Biogas
ENGINEERING group Pressure Technologies has completed the sale of its wholly-owned subsidiary, Greenlane Biogas to Creation Capital Corp for an aggregate price of £11.1 million.
Commenting on the Sale, Joanna Allen, Chief Financial Officer of Pressure Technologies, said: “The completion of this sale concludes the board’s process to realise the potential of the Greenlane Biogas business in the expanding market for renewable natural gas.
“I would like to thank the Greenlane team for their hard work and wish them and the new leadership team all the best for their future as Greenlane Renewables Inc. We will remain a supportive shareholder and anticipate retaining our holding for the medium term.”
The cash that will be received by the group on completion of the sale will be used to pay down the group’s debt.
Pressure Technologies said the strengthened balance sheet will enable the group to focus investment on its core specialist engineering businesses.
Greenlane Biogas is a world leader in technology used to upgrade biogas generated from landfills, waste water treatment plants, and agricultural and food waste into a clean and marketable renewable natural gas product.