A Pattern of Broken Deals
This marks Pineapple’s second failed transaction in recent months. In May, it scrapped a proposed reverse takeover of German artificial intelligence company Fuse E-AI GmbH. Shares were suspended in December when the Fuse deal was announced, then remained frozen as Pineapple pursued Buffalo Battery Metals.
The company, however, has already received new inquiries from potential partners. “Pineapple is actively exploring and will update the market in due course,” de Larrabeiti said.
Why Buffalo Battery Metals Mattered
Fremantle-based Buffalo Battery Metals focuses on extracting lithium, copper, and gold from Zimbabwe—metals crucial to the surging electric vehicle industry. According to the International Energy Agency, nearly 14 million new electric cars were registered globally in 2023, accounting for 18% of total car sales and pushing the worldwide EV fleet to 40 million.
Had the acquisition gone through, Pineapple Power had planned to shift to the London Stock Exchange’s junior investment market, aligning itself more closely with growth-focused investors.
For now, investors are left watching whether Pineapple’s next move will be another false start or the breakthrough it needs to finally anchor itself in one of the world’s fastest-growing industries.
