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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kibo Energy Plc | AQSE:KIBO.GB | Aquis Stock Exchange | Ordinary Share | IE00B97C0C31 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.035 | 0.03 | 0.04 | 0.035 | 0.035 | 0.035 | 0.00 | 06:56:11 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKIBO
RNS Number : 7623Z
Kibo Energy PLC
16 January 2024
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 16 January 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Strategy Update
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused developer of sustainable energy solutions, is pleased to provide an interim strategy update in relation to its development approach. This follows the Company's 2023 operational update as announced in an RNS dated 3 July 2023. This RNS aims to outline the Company's strategic concept and, whilst progress has been limited given constraints around funding, recent advancements as part of its commitment to developing long-term sustainable energy solutions in Southern Africa, the UK and Ireland.
Kibo's strategy revolves around its commitment to being a developer of sustainable clean energy solutions by integrating both established and cutting-edge technologies in renewable energy generation, waste-to-energy and energy storage. The primary focus is to deliver enduring, low- or zero-carbon energy-generation solutions across Southern Africa, the UK and Ireland.
A number of these clean energy opportunities are in various stages of development and others still in the opportunity screening phase.
In pursuit of this objective, the Company has and continues to establish formal relationships with pivotal and leading industry entities, including sustainable technology original equipment manufacturers, specialising in energy storage, biomass production and pioneers in biofuel technologies.
Operationally, the Company:
-- is currently formulating a joint development agreement with a multinational food and beverage producer ("the Client") intended to be funded equally (i.e., 50-50) by Kibo and the Client. The objective of this collaboration is to build and operate a pilot plant that will produce bio-coal as a preliminary step towards the establishment of a comprehensive production-scale facility. This initiative, subject to a successful pilot plant and financing, will enable the Client to transition from the use of fossil coal to bio-coal in its comprehensive boiler fleet, without any reconfiguration, aligning with established Environmental, Social and Governance (ESG) compliance standards; and
-- has received conditional preliminary approval for development funding, subject to due diligence, from a prominent development banking institution in Southern Africa for one of the Company's existing waste-to-energy projects.
The table below indicates the status of Kibo's project portfolio at present. Timelines beyond Q1 2024 remain as advised and the Company will advise should these change in light of the below. This does not include opportunities that are currently the subject of advanced due diligence and commercial consideration.
Kibo Group Project Portfolio ---------------------------------------------------------------------------------------------------------------------- Entity Kibo Strategic Projects Development Current Status Equity Domain Status -------------- -------- -------------- -------------------- ------------------ ---------------------------------- MAST Energy 57.86% Reserve Pyebridge In care and - CM T-1 contract began Developments Power (9 MW) maintenance on 1 October 2023 (see (UK) MED Unaudited Interim results for the six months ended 30 June 2023) - Placed in care and maintenance, pending funding (see MED RNS dated 1 December 2023) -------------- -------- -------------- -------------------- ------------------ ---------------------------------- Bordesley Advanced project Ready for construction (5 MW) development and awaiting funding (see MED RNS dated 25 August 2023) -------------- -------- -------------- -------------------- ------------------ ---------------------------------- Rochdale Advanced project - Planning consent (4.4 MW) development granted in Q2 2023 (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023 and MED Unaudited Interim results for the six months ended 30 June 2023) - Shovel ready and awaiting funding (see MED RNS dated 25 August 2023 and MED Unaudited Interim results for the six months ended 30 June 2023) -------------------- ------------------ ---------------------------------- Hindlip Concept stage - EPC and O&M contracts Lane (7.5 under review, further MW) updates to follow (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023 and MED Unaudited Interim results for the six months ended 30 June 2023) - Shovel ready and awaiting funding (see MED RNS dated 25 August 2023 and MED Unaudited Interim results for the six months ended 30 June 2023) -------------------- ------------------ ---------------------------------- Stather Concept stage - EPC and O&M contracts Road (2.5 under review, further MW) updates to follow (see MED Results for the
year ended 31 December 2022 as per the MED RNS dated 28 April 2023 and MED Unaudited Interim results for the six months ended 30 June 2023) - Planning consent granted (see MED RNS dated 25 August 2023 and MED Unaudited Interim results for the six months ended 30 June 2023) -------------- -------- -------------- -------------------- ------------------ ---------------------------------- Sustineri 65% Waste CHP project Phase 1 (2.7 Advanced - Technical (SA) to Energy to supply MW + study project workstream base-load on synthetic development in collaboration electricity oil production) stage with a potential generation - financial OEM to align in South close and integrate Africa ready plant designs with 4 and specifications potential with feedstock revenue supply streams: - Integrated electricity, Environmental gate fees Authorisation and potentially (EA) has been from heat granted and steam - Advanced output discussions as well with a development as the banking production institution of synthetic for development fuel oil funding currently and naphtha underway -------------- -------- -------------- -------------------- ------------------ ------------- ------------------- Phase 2 (targeted Pre-concept Milestones 20 MW) stage TBD once Phase 1 has been executed -------------- -------- -------------- -------------------- ------------------ ------------- ------------------- National 51% Long Duration Simultaneous Status remains unchanged Broadband Energy 12.3 MW concept and from previous update Solutions Storage in development commercial currently under review (SA) development -------------- -------- -------------- -------------------- ------------------ ---------------------------------- 36.32 MW Under assessment target for development -------------- -------- -------------- -------------------- ------------------ ------------- ------------------- Mbeya Power 100% Biofuel 300 MW Original project. TANESCO due diligence Project short-term Fully permitted on Kibo ongoing as ('MPP') conversion with Bankable part of the MOU programme (TZ) to renewable Feasibility and currently underway energy Study completed The Company has also biofuel entered into negotiations with potential strategic investor for the further development of the MPP -------------- -------- -------------- -------------------- ------------------ ---------------------------------- UK Portfolio 100% Waste Southport Status remains unchanged to Energy (10 MW, from previous update 2 MW long-duration as parties continue energy to seek agreement on storage further development and 5.5m plan for project m(3) bio-methane) -------------- -------- -------------- -------------------- ------------------ ----------------------------------
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
**S**
For further information please visit www.kibo.energy or contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser Roland Cornish Limited ------------------------------ ----------------------- ------------------ Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker ------------------------------ ----------------------- ------------------ Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker LLP ------------------------------ ----------------------- ------------------ Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and van Rijmenant Media Relations Consultant ------------------------------ ----------------------- ------------------
Johannesburg
16 January 2024
Corporate and Designated Adviser
River Group
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(END) Dow Jones Newswires
January 16, 2024 02:00 ET (07:00 GMT)
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