Commercial Implications and Risk Factors As Deadline for Green Shipping Fuel Deal Pushed Out
Curve Energy’s merger faces delay as stricter maritime emissions rules drive demand for cleaner shipping fuels and regulatory approval takes centre stage
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 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. 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 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 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 amid cost pressures.
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