Camco Clean Energy PLC Roll-in of further economic interests in REDT (1581C)

TIDMCCE

RNS Number : 1581C

Camco Clean Energy PLC

14 October 2015

RNS

14 October 2015

Camco Clean Energy plc

Roll-in of further economic interests in REDT

The board of Camco Clean Energy plc ("Camco" or the "Company") is pleased to announce that it has reached an agreement to acquire (the "Transaction") an additional 1.9 per cent. economic interest in Renewable Energy Dynamics Holdings Limited ("REDH"), the holding company for its REDT Energy Storage business ("REDT"). The consideration is the issue of, in aggregate, 5,830,943 new Camco ordinary shares of EUR0.01 each (the "Consideration Shares").

Following completion of the Transaction, Camco will have an economic interest in 97.1% of REDH and will continue to have effective voting control of 100% of the shares in REDH, which it achieved through the roll-in announced on 30 September 2015. In due course, Camco intends to seek to acquire up to the remaining 2.9% economic interest in REDH which would be subject to a separate transaction.

The Transaction is being effected through the acquisition of a 5.25% minority stake in an intermediate holding company of REDH, Re-Fuel Technology Limited, of which the Company already has an interest of 86.61%. Post completion of the Transaction, the Company will have an interest in Re-Fuel Technology Limited of 91.86%.

As part of the Transaction, each of the vendors under the Transaction has undertaken to the Company that, save with prior written consent of the board of the Company, they will not dispose of any of their respective Consideration Shares for a period of 12 months.

Application has been made for 5,830,943 Consideration Shares to be admitted to trading on AIM. Admission is expected to take place on 19 October 2015.

Following completion of the Transaction, the Company will have 401,675,330 ordinary shares of EUR0.01 each in issue. This figure of 401,675,330 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:

 
                                     +44 (0)207 
 Camco Clean Energy                   121 6100 
 Scott McGregor, Chief Executive 
  Officer 
 Jonathan Marren, Chief Financial 
  Officer 
 
 finnCap Ltd (Nominated Adviser      +44 (0)207 
  and Broker)                         220 0500 
 Julian Blunt (Corporate Finance) 
 Tony Quirke (Corporate Broking) 
 
 Newgate (Financial PR) 
  Tim Thompson 
  Helena Bogle                       +44 (0)207 
  Ed Treadwell                        653 9850 
 
 

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is a clean energy development company which combines technical and commercial expertise to finance, develop and operate renewable energy projects and storage technology.

With 25 years' experience and an outstanding track record throughout Asia, North America, Africa and Europe, Camco works with local developers, governments, development banks, and private investors to implement clean energy projects, policies, and technologies and to reduce emissions.

In the last year, Camco has brought an advanced energy storage technology to market (REDT energy), secured an investment advisory fund mandate for African renewables, and developed utility scale biogas plants in the US.

About REDT

REDT has developed a new and proprietary energy storage technology which enables the efficient and sustainable storage of electrical energy in liquid form. The multi-valent properties of the Vanadium Redox electrolyte are used to provide a storage medium of virtually unlimited life with a system able to last more than 10,000 deep charge/discharge cycles. Combined with its very low maintenance requirements, REDT systems are able to deliver some of the lowest Total Cost of Ownership (TCO) results in the industry. Long discharge durations are achieved by the simple addition of extra electrolyte capacity at a relatively low marginal cost.

Until now it has not been possible to directly compare variable RE generation with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable the complete displacement of conventional fossil fuel power with renewable generation. The REDT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 14, 2015 02:00 ET (06:00 GMT)