Geothermal company branches out

HOT Rock Ltd is set to acquire environmental consulting and hazardous materials analytical company OCTIEF through a share sale agreement with the company’s owner Integrated Holdings Group.

Andrew Snelling

The acquisition is expected to add growth potential to HRL, supplementing its business of developing geothermal projects in Victoria.

OCTIEF’s services include industrial hygiene, asbestos and hazardous materials management, environmental services, greenhouse gas emissions assessments, energy use assessments, building contamination assessment, and specialised laboratory analysis and on-site testing.

OCTIEF has offices in Brisbane, Mackay and Darwin, as well as lab facilities in Brisbane, with a lab planned for Darwin.

HRL will issue up to 641.5 million shares to IHG in tranches, dependent on a set of conditions, such as the building of the Darwin lab and revenue-related targets.

Two representatives will join the board of HRL, with Kevin Maloney and Darren Anderson taking on the non-executive chairman and executive director roles, respectively.

HRL will continue to explore and develop its geothermal permits.