British energy company Chariot has announced it successfully raised $5.5 million through a share placement and subscription offering, a move that underscores its growing ambitions across Africa, with a particular focus on Morocco. The capital raise is part of the firm’s broader effort to expand its presence in gas, wind, and green hydrogen sectors.
As part of the transaction, nearly 323 million new shares were issued at a price of 1.4 pence each. Notably, Chariot’s own leadership team—including several executives and board members—contributed around $1 million of the total investment, a sign of internal confidence in the company’s direction. An additional open offer extended to current shareholders could potentially bring in another $1 million, depending on uptake.
CEO Adonis Pouroulis emphasized that the financing round aims to highlight what he sees as Chariot’s “undervalued potential.” The funds are expected to bolster the company’s footprint in both its gas operations and renewable energy ventures. To sharpen its strategic focus, Chariot is planning to split these two divisions into separate entities, allowing each to operate with greater independence and clarity.
In Morocco, Chariot recently reclaimed a stake in an offshore gas project formerly held by Energean PLC. This acquisition adds to an already significant portfolio in the country, where the firm is actively advancing green hydrogen and wind energy projects. These developments position Morocco as a central hub in Chariot’s African energy strategy, reflecting the company’s long-term commitment to the region’s transition toward cleaner energy sources.
