Vulcan Industries Plc Forepower Lincoln (250) Limited disposal of 49.9%

 
TIDMVULC 
 
25 October 2023 
 
Vulcan Industries plc 
 
("Vulcan" or the "Company") 
 
Forepower Lincoln (250) Limited, disposal of 49.9% and project funding agreement 
 
Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed 
of 49.9% of its interest in the share capital of Forepower Lincoln (250) Limited 
("FPL 250"), a 240-megawatt (MW) Lithium-ion Battery Storage project. 
 
Disposal rationale 
 
Following the acquisition of FPL 250 on 6[th] March 2023, Vulcan has been 
reviewing the available alternatives to develop the project. The disposal 
secures development funding through the planning process and will allow the 
project to secure a firm grid connection date. These are expected to enhance the 
value of the project as it moves towards the Ready to Build stage. 
 
Forepower Lincoln (250) 
 
FPL 250 owns a 240MW Lithium-ion Battery Storage project and holds a grid 
connection contract (to connect to the National Grid Infrastructure) and an 
option to lease a parcel of land for a minimum of 25 years. It has been 
identified as a major infrastructure project which is currently in the pre 
-planning stage. The management team of FPL 250 have a track record in 
identifying Battery Storage opportunities, obtaining planning, developing and 
bringing projects online. 
 
Total Consideration 
 
The total consideration receivable is £1,500,000 payable in cash as the project 
progresses and no later than the earlier of the sale of the project or the 5[th] 
anniversary of the agreement in the event that both parties elect to develop the 
project. 
 
The Buyer has agreed to advance a total of £500,000 to fund the initial planning 
phase in the form of a loan.  This loan, with a zero coupon, is secured over the 
project assets.  It is intended that this loan will be offset against any 
remaining consideration due. The Company intends to draw down on this loan as 
expenditure commitments fall due. 
 
Ian Tordoff, Executive Chairman, "We are delighted to be working with the buyer 
to move the project forward in the planning phase.  This is expected to enable 
the project to crystalise additional value for shareholders. Further 
announcements of the attainment of project milestones will be made in due 
course.  Battery Storage is an important part of the drive for increased 
renewable energy in the UK and provides significant opportunities for growth in 
future." 
 
Further delays in the Publication of Annual accounts 
 
Further to the announcement made on 28 September 2023, the Company is still 
working with the Company's auditor to finalise the Audit of the Group's accounts 
for the year ended 31 March 2023. Publication of the annual report is expected 
to be no later than mid November 2023. 
 
For further information, visit: https://vulcanplc.com 
 
Contacts 
 
Vulcan Industries plc 
Neil Clayton                                                   [e-mail] 
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)  [phone] 
Brian Stockbridge 
Gabrielle Cordeiro 
 
About Vulcan 
 
Vulcan seeks to acquire and consolidate traditional but historically profitable 
engineering, manufacturing, and industrial SMEs for value and to enhance this 
value in part through group synergies, but primarily by unlocking growth which 
is not being achieved as a standalone private company. For more information 
visit https://www.voxmarkets.co.uk/listings/PLU/VULC 
 
Forward Looking Statements 
 
This news release may contain "forward-looking" statements and information 
relating to the Company. These statements are based on the beliefs of Company 
management, as well as assumptions made by and information currently available 
to Company management. The Company does not undertake to update forward-looking 
statements or forward-looking information, except as required by law. 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

October 25, 2023 06:44 ET (10:44 GMT)