A4F AND GREEN AQUA SUCCESSFULLY CONCLUDED THE ACQUISITION OF SOLVAY PORTUGAL
ALGORA concluded the acquisition of Solvay Portugal, which had been negotiating with the SOLVAY group and was announced in 2020.
ALGORA - Sustainable Investments, SGPS successfully concluded the acquisition of Solvay Portugal - Produtos Químicos, SA, which had been negotiating with the SOLVAY group and which was announced at the end of September 2020. The agreement now closed includes the Sodium Chlorate and Hydrogen production unit, the industrial premises in Póvoa de Santa Iria and the Salt mines. The SOLVAY group maintains the Hydrogen Peroxide production facility in Póvoa, which will operate in a symbiosis of circular economy with ALGORA.
This transaction represents an excellent opportunity for ALGORA, a company formed in a joint venture between A4F, a bio-based industrial group focused on the development and deployment of technologies for bioprocesses using sustainable raw materials and renewable biological resources, and GREEN AQUA, an investment group specialized in algae production units, two of SOLVAY's main local partners. The valuable assets of Solvay Portugal integrated into the business, the Sodium Chlorate unit, industrial premises, utilities and the salt mines, will boost the development of the industrial operations of ALGORA's shareholders, while ensuring growth and diversification of their portfolio.
“ALGORA's shareholders have a long and successful experience of partnering with large industrial companies, particularly because our activities in microalgae production can be CO2 negative, which positions us as strategic partners in the transition from Industry to a greater sustainability”, says Nuno Coelho, Chairman of the Board of Directors of ALGORA and CEO of A4F Algae for Future.
“Just as the passion for progress has driven SOLVAY throughout its history, technological innovation also feeds ALGORA's strategy. We are committed to improving the operating conditions of the Sodium Chlorate unit, to deepen the relationship with customers in the Pulp and Paper sector and to transform Póvoa's industrial park, making it more efficient and more sustainable”, points out Nuno Coelho.
With the change of shareholder, Solvay Portugal changes its name to HyChem, SA, a company that will work in partnership with the newly created Solvay Peróxidos (producer of Hydrogen Peroxide) and with other companies located in the industrial park.
The transaction now concluded will have a positive impact on employment, as the current jobs will be maintained and new jobs will be created as a result of the projects that ALGORA shareholders intend to carry out, bringing about a profound transformation towards carbon neutrality and a greater sustainability. Green Aqua starts operating its microalgae production unit and has already started to install the 2 MW solar power plant project; and A4F initiated the development a set of low carbon mobility solutions involving an investment of 10 million euros.