New Sources Signs Memorandum of Understanding for Proposed Investment in Hydro Drilling, Geothermal Drilling Specialist
New Sources Energy announced on Monday the signing of a memorandum of understanding for a strategic investment in the capital of Hydro Drilling, an Italian company specializing in geothermal drilling. This operation is part of the company's investment strategy in energy transition opportunities.
Preliminary Agreement for a Stake Acquisition
New Sources Energy has concluded a memorandum of understanding regarding a proposed investment in Hydro Drilling S.r.l., an Italian company operating in the field of geothermal drilling and related activities. The planned operation would involve subscribing to newly issued shares by Hydro Drilling.
An Agreement Largely Non-binding
The memorandum of understanding remains largely non-binding and is subject to several conditions. Its execution is contingent upon the satisfactory completion of legal, financial, technical, and other due diligences, the negotiation and signing of definitive documentation, obtaining required internal approvals, meeting applicable preconditions, as well as securing necessary regulatory or third-party approvals.
Alignment with the Energy Transition Strategy
New Sources has indicated that this proposed operation supports its investment strategy in energy transition companies and critical raw material opportunities. There is no certainty regarding the finalization of this transaction or the signing of a definitive agreement, according to the group's statement.
