| Subsequent events |
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(a) |
On January 6 2025, Pacific Green Technologies (Shanghai) Co. Ltd, a wholly owned subsidiary of the Company, entered into a sale and purchase agreement to sell its property in Shanghai. This transaction completed in January following approval from the Shanghai Minhang Land Bureau. The sales consideration received was greater than the net book value of the property as at 31 December 2024. |
| | (b) | Further to an investment agreement Pacific Green Technologies (Middle East) Holdings Limited (“PGTME”),
a wholly owned subsidiary of the Company, entered into on September 12, 2024 which gave it the ability to acquire 3 to 6% stake in a German
start up business specializing in fuel cells and hydrogen separation, PGTME acquired 3% of this business in February 2025 for a cost of
€500,000.
On April 29, 2025, PGTME acquired a further 3% stake in the German business. This additional stake was acquired
from an independent third party by exchanging $547,000 previously advanced to the third party in September and November 2024 for shares
in the German business which were previously held by the third party. The $547,000 balance was recorded within Other Receivables at December
31 2024. |
| | (c) | On February 20, 2025, the Company announced it has signed binding documentation for the sale of 100% of the shares in its Limestone Coast North Energy Park, 250MW / 500MWh battery energy storage development in the Limestone Coast region of South Australia, to Intera Renewables (“Intera”). The project expects to begin commercial operations in 2027. The sale completed on March 19, 2025 with the Company receiving approximately AUD $33,000,000 cash ($21,000,000) in March and April 2025 |
| | (d) | On June 13, 2025, Pacific Green Energy Parks Holding Europe Limited, a company incorporated in the United Arab Emirates which is a wholly owned subsidiary of the Company entered into two subscription agreements to acquire controlling interests in two entities which are currently developing two separate BESS 50MW battery energy storage projects in Poland. The consideration for this transaction was the exchange of loans previously provided to these entities, which are listed within Note 4 of the financial statements. |
| | (e) | On June 29, 2025, the Company entered into a AUD 4,000,000 loan agreement an independent third party lender to fund potential buy-backs of the Company’s common stock. The expiry date on the loan is the earlier of June 29, 2027 and the sale of certain assets of the Company. The loan bears interest of 1.67% per month which is payable at the expiry date and the Company has the ability to repay the loan early at a cost of 20% of the principal less any interest paid to date. The lender is the same independent third party lender who entered into a AUD 11,000,000 loan with Pacific Green Technologies (Australia) Limited as noted in Note 10. On July 7, 2025, the Company announced it had entered into agreements with certain shareholders to repurchase and cancel approximately 3.9 million common shares for a total of approximately $2.3 million. Of these amounts, on the same day, the Company repurchased approximately 2.1 million common shares for approximately $1.3 million. |
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