Kibo Energy PLC Kibo Strategy Update (7623Z)
January 16 2024 - 1:00AM
UK Regulatory
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
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