Houston American Energy acquires Abundia Global Impact Group

Houston American Energy Corp. announced July 1 the completion of its acquisition of Abundia Global Impact Group LLC, creating a company focused on converting waste plastics into low-carbon fuels and chemical products.

The combined company will be led by Abundia’s founder, Ed Gillespie, who will serve as CEO and will join the board of directors.

This strategic acquisition leverages Houston American Energy’s public-market platform to accelerate Abundia’s growth, scale its technology and execute on its plan to develop large-scale recycling projects, beginning with a new facility planned for the U.S. Gulf Coast, according to the company.

“The completion of this acquisition represents a pivotal transformation for Houston American Energy,” said Peter Longo, chairman of the combined company. “Abundia has a commercially ready solution for converting waste into valuable fuels and chemicals, with a backlog of development opportunities utilizing proprietary technologies and key industry partnerships. This transaction gives Houston American Energy shareholders a ready-made platform and project pipeline for future value generation as the fuel and chemical industries accelerate their adoption of low-carbon solutions and sustainable aviation fuel (SAF).”

Gillespie added, “This is a landmark moment for Abundia and a major step forward for the renewable industry. Joining forces with Houston American Energy and entering the public capital markets positions us to accelerate growth, scale our technology and expand our influence within the renewable and recycling industries. I am proud of the hard work and determination of both the Abundia Global Impact Group and Houston American Energy teams to finalize this transaction. We look forward to delivering shareholder value and critical technologies to reduce carbon emissions.”

Key highlights of the combined company

• Targeting a multibillion-dollar market: Directly serves the growing global demand for renewable fuels, SAF and recycled chemical feedstocks.

• Proprietary, commercially ready technology: Utilizes a proven pyrolysis process to convert waste plastics into valuable, drop-in fuels and chemicals.

• Project development: Near-term plans to develop a large-scale project in the U.S. Gulf Coast, which is a strategic location with access to waste feedstock and downstream customers, a large workforce and multiple transportation options.

Key highlights of the transaction

The combined company will be led by:

• Ed Gillespie, CEO and board member.

• Peter Longo, chairman of the board.

• Lucie Harwood, chief financial officer.

• Joseph Gasik, chief operating officer.

Abundia Global Impact Group, a Delaware limited liability company, will become a wholly owned subsidiary of Houston American Energy through an exchange of outstanding membership interests of Abundia Global Impact Group for newly authorized shares of Houston American Energy common stock.