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Technologies New Energy PLC on Friday reported a widened loss in 2024 on increased expenses, and changed its financial year-end date to align with its newly acquired subsidiary. The London-based energy company supporting decarbonisation projects said its pretax loss in 2024 was £502,491, widened from £50,723 in 2023. This was due to administrative expenses rising to £502,491 from £50,723. Basic loss per share was 0.06 pence against 0.01p a year earlier. The firm continued to report no revenue. As of Thursday, TNE held total cash of £778,510 which the board believes is ‘sufficient’ to meet its working capital requirements for at least the next 12 months. TNE also on Friday said it has changed its year-end date to December 31 from April 30, effective immediately. This is to align with the year-end of Diverfuel SA, a wholly-owned subsidiary which the firm on Thursday announced it has acquired for a total of £28 million. Diverfuel is a Portugal-based developer of software-as-a-service to manage production of ‘clean fuels and green chemicals’. ‘The reverse takeover of Technologies New Energy SA by the company marks the completion of its mission as an investment company and the start of its future as an operating company,’ said Executive Chair Jose Meneses. Special acquisition firm Codex Acquisitions PLC completed its reverse takeover of Technologies New Energy SA at the end of April 2024. Shares in Technologies New Energy were untraded at 29.35 pence in London on Friday. Copyright 2025 Alliance News Ltd. All Rights Reserved
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