--- title: Commercial Implications and Risk Factors As Deadline for Green Shipping Fuel Deal Pushed Out description: Curve Energy’s merger faces delay as stricter maritime emissions rules drive demand for cleaner shipping fuels and regulatory approval takes centre stage author: Darie Nani (Editor-in-Chief) date: 2025-07-09T07:44:42.000Z updated: 2026-02-25T15:38:28.248Z canonical: https://www.sovereignmagazine.com/article/commercial-implications-and-risk-factors-as-deadline-for-green-shipping-fuel-deal-pushed-out image: https://cdn.nanimediahouse.com/x9mhyjbo1ja.jpg categories: Business content_type: News region: British Columbia publication: Sovereign Magazine --- At a special meeting on 16 June, Curve Energy shareholders agreed to two key measures needed for the proposed three-cornered amalgamation. They approved the company’s continuation into British Columbia and the adoption of new articles under the Business Corporations Act, plus the amalgamation with Lot 49’s wholly-owned subsidiary. Curve Energy Corp.’s plan to merge with Lot 49 Capital Corp. has hit a scheduling bump, with the transaction deadline moved to 29 August despite securing critical shareholder approvals this month. The delay comes as [maritime emission regulations tighten](https://www.imo.org/en/MediaCentre/PressBriefings/pages/IMO-approves-netzero-regulations.aspx) in 2025, putting pressure on companies developing cleaner fuel technologies. Curve Energy develops technology for the shipping industry, aiming to reduce emissions and reliance on carbon-heavy solutions through what it calls ‘advanced green chemistry solutions’. The transaction is designed to pave the way for a combined company that would trade on the [TSX Venture Exchange](https://www.tsx.com/en/listings/listing-with-us/sector-and-product-profiles/energy). Curve’s patented technology converts Heavy Fuel Oil to Very Low Sulfur Fuel Oil by removing sulfur, nitrogen and vanadium under near-ambient conditions, eliminating the need for carbon-intensive SMR hydrogen desulfurization, blended fuels and scrubbers. ## Extended Timeline Despite the shareholder green light, Curve Energy and Lot 49 have signed an amending agreement pushing the transaction completion deadline to 29 August 2025. The companies said the extension provides additional time to satisfy remaining conditions precedent to closing, particularly approval from the TSX Venture Exchange. The original deadline was not disclosed in recent filings, but the extension suggests regulatory approvals are taking longer than initially expected. [TSX Venture Exchange approval](https://www.tsx.com/) timelines typically range from weeks to several months depending on the complexity and completeness of applications. ## Commercial Implications The timing delay could affect Curve Energy’s market ambitions as [new EU regulations](https://transport.ec.europa.eu/transport-modes/maritime/decarbonising-maritime-transport-fueleu-maritime_en) require ships above 5,000 gross tonnes to reduce greenhouse gas intensity by 2% starting this year, increasing to 80% by 2050. The maritime sector faces mounting pressure to clean up its act, with many companies [reconsidering their climate commitments](https://www.sovereignmagazine.com/article/the-great-green-retreat-why-energy-giants-are-abandoning-climate-pledges) amid cost pressures. The International Maritime Organization approved its Net-Zero Framework in April 2025, setting mandatory marine fuel standards aimed at net-zero emissions by around 2050. This creates opportunities for companies like Curve Energy that offer cleaner fuel solutions, though [marine-based carbon removal technologies](https://www.sovereignmagazine.com/article/marine-based-carbon-removal-drives-demand-for-advanced-monitoring-technologies) are also gaining traction in the shipping industry. Curve Energy has raised approximately £323 million over 13 funding rounds, with its latest Series C round in March 2025 bringing in about £47.9 million led by Hanaco Ventures. The company’s leadership team includes Terry Mahoney leading market deployment and partnerships, Peter Joyce focusing on global operations and licensing, and Michael Hopkinson handling finance and corporate leadership. ## Risk Factors Curve Energy has cautioned investors about several forward-looking risks that could affect the transaction’s completion. The company highlighted that the transaction may not be completed as currently anticipated, required regulatory approvals including TSX Venture Exchange acceptance may not be obtained or could face further delays, and conditions to closing may not be satisfied by the extended completion deadline. These warnings reflect standard disclosure requirements but underscore the uncertainty surrounding the deal’s final structure and timing. The company also noted that its planned private placement may not be completed as anticipated, adding another layer of complexity to the [deal structure](https://www.sovereignmagazine.com/article/canada-s-1-4-billion-energy-deal-creates-unexpected-winners-in-commercial-services). ## Next Steps With shareholder approval secured, the focus shifts to regulatory clearances, particularly from the TSX Venture Exchange. The 29 August deadline gives both companies roughly two more months to complete the remaining regulatory requirements and close the deal that would create a combined entity focused on [cleaner maritime fuel solutions](https://www.curvenrg.com/about-us). The extended timeline suggests the path to public markets through the Lot 49 transaction will take longer than initially planned, but the fundamentals remain unchanged. The shipping industry needs cleaner fuels, and companies that can deliver working solutions at scale will likely find receptive markets as regulations tighten.