{
  "id": 7596940,
  "title": "Pennpetro Energy shifts reverse takeover target to Canadian firm",
  "url": "https://urgent.news/2026/09/15/pennpetro-energy-shifts-reverse-takeover-target-to-canadian-firm",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-15T17:22:44.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/company-news/pennpetro-energy-shifts-reverse-takeover-target-to-canadian-firm-93CH-4902345"
  },
  "original_language": "en",
  "account": "London - Pennpetro Energy, a British energy company, has announced it will pursue a reverse takeover of Indigenous Canadian Energy Holdings Inc., a Canadian business specialising in biofuels and biochemical products. The change in target follows the company's decision to postpone its previous acquisition due to difficulties arising from the ongoing conflict in Ukraine. RMD, a private fund that has previously supported Pennpetro, will continue to pursue the Ukrainian opportunity independently. ICENERGY, the new target, operates in the production of steam-enhanced biofuels and the thermal treatment of biomass for use in biofuel and biochemical industries. The Canadian company has fourteen years of research and development in thermal treatment of wood fibre and lignocellulosic biomass. Pennpetro's management anticipates first retail production and revenue from ICENERGY's U.S.-based plant in October 2026, with plans for a second plant in Canada by 2027. A larger production facility in Alberta is also in the works, capable of producing approximately 400,000 tons annually. The proposed acquisition still requires agreement of terms, due diligence, funding, FCA approval, and shareholder approval. ICENERGY is registered in British Columbia, Canada, and was co-founded in 2012 by Grand Chief Ronald M. Derrickson and Richard Spinks, who also own a majority of shares in the company. The transaction will be treated as a related party deal, with final approval resting with independent directors. Pennpetro has scheduled two shareholder calls ahead of its Annual General Meeting on September 30, one on September 24 at 18:30 UK time. This report was AI-generated and reviewed by an editor. For more information, please refer to the company's terms and conditions.",
  "summary": null,
  "key_points": [
    "Pennpetro Energy to acquire Canadian biofuels firm ICENERGY",
    "Reverse takeover postponed due to Ukraine conflict difficulties",
    "First retail production from U.S. plant in October 2026"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}