GO expands its growing portfolio with acquisition of AQS Med Ltd

Last Updated on Wednesday, 27 March, 2024 at 11:50 am by Andre Camilleri

€1.2 million strategic investment for acquisition of 51% shareholding in AQS Med Ltd underlines GO’s commitment to renewable energy.

GO is announcing the strategic acquisition of 51% shareholding in AQS Med Ltd, a prominent alternative energy solutions provider. This acquisition underlines GO’s commitment to renewable energy.

“This acquisition of AQS Med supports GO’s commitment to the values of sustainable energy and our resolve to become an active player in driving this very important sector. This acquisition will not only be an opportunity for the Group to grow in the energy vertical but will also support our efforts in helping Malta achieve its environmental targets,” said GO’s Chief Executive Officer Nikhil Patil.

‘At GO, environmental sustainability is not just a goal; it’s a fundamental pillar of our business model. This acquisition of AQS Med signifies our commitment to climate action by leveraging our resources to make a positive impact. We believe that by integrating AQS Med’s capabilities, we can further accelerate our efforts towards achieving a more sustainable island,’ he explained.

This acquisition comes with an initial investment worth €1.2 million. The conclusion of the transaction is dependent on several conditions precedent being satisfied. This strategic move signifies GO’s commitment to diversifying its offerings while fostering innovation in sustainable technology.

This acquisition comes two years after GO had taken its first leap into the green technology sector with an initial €1 million investment to acquire its majority shareholding in SENS Innovation Group, an energy management company that leverages proprietary IOT-based technology to reduce energy consumption and associated costs for commercial buildings.

AQS Med Ltd specialises in providing comprehensive renewable energy solutions for both residential and commercial properties and has established itself as a market leader entrusted with some of the largest installations of PV systems, water and underfloor heating, smart home automation, and EV chargers on the island.

“This latest acquisition, as was the case with SENS, continues to bridge two areas that GO is very passionate about – technology and environmental sustainability. GO is already acknowledged as a leading innovator when it comes to technology, so as these acquisitions continue to establish us as active supporters in the growth of renewable energy, we continue to move forward in realising our sustainability ambitions,” added GO’s CEO.

“Joining forces with GO presents an exciting opportunity to scale our impact and reach new heights in driving sustainable innovation. We have been impressed by GO’s pioneering role in driving environmental targets and its ambitious vision,” said Adrian Spiteri, the Finance and Commercial Director of AQS Med.

“Together, we will be better positioned to drive innovation and promote sustainable practices across various industries,” added AQS Med’s Technical Operations Director Robert Frendo.

Established in 2010, AQS Med recently expanded operations to PV projects with projects owned and financed through its fully owned sister companies, AQS Solar Capital Ltd and Malta Solar Parks Ltd.

AQS Med also offers various leasing options to landowners and factory occupants for its projects, a model that gives companies access to these infrastructures and allows them to enjoy revenue streams without upfront capital investment and the flexibility to purchase at any time.

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