REG - Chariot Limited - Electricity Trading Joint Venture in South Africa

ChariotAnnouncement

21/11/2022 07:00

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RNS Number : 9822G  Chariot Limited  21 November 2022

 

 

 

21 November 2022

 

Chariot Limited

("Chariot" or the "Company")

 

Electricity Trading Joint Venture in South Africa

 

Unlocks potential future participation in significant renewable projects in
large deregulating energy market

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy company,
is pleased to announce it has formed a new joint venture through a 25%
interest in a new South African electricity trading company, Etana Energy
(Pty) Limited ("Etana") which has been granted an electricity trading licence
by the National Energy Regulator of South Africa ("NERSA").

 

·    South Africa is the largest electricity market on the continent but
has regular power outages due to insufficient supply. To combat this energy
crisis rapid market deregulation is currently taking place, which includes
selectively issuing electricity trading licences and facilitating the build of
energy projects of up to 100 MW generation capacity.

 

·    Etana's objective is to deliver unique renewable energy mix solutions
at competitive prices to help address the significant power requirements
across South Africa with the licence opening up access to a range of
high-volume off-takers including municipal, industrial and retail customers.

 

·    This trading licence gives the right to buy and sell electricity on
the national transmission grid and within some selected municipal areas.

 

·    Electricity trading could bring an additional revenue stream into
Chariot and could enable Chariot's future participation in large renewable
projects in Southern Africa.

 

Etana is owned indirectly by Chariot (25%), the Neura Group ("Neura") (49%),
H1 Holdings (21%) and Meadows Energy (5%) (all together, the "Partners"). The
Partners have extensive relevant experience in the electricity market in South
Africa. Chariot, H1 Holdings and Meadows Energy have a proven track record in
developing and investing in large renewable projects in Africa, whilst Neura
has developed a unique hardware and software based technology specifically
designed for the trading in the South African environment. In addition to this
Etana is the first empowered trading company in South Africa.

 

Benoit Garrivier, Chariot Transitional Power CEO commented:

"As one of the largest energy markets in Africa opens up, our trading platform
will provide the opportunity to enhance and revolutionise the energy mix
across South Africa by supplying greener power for commercial and industrial
requirements.  In forming this joint venture we see a great opportunity to
expand our footprint of renewable projects in the country whilst also
developing another revenue stream as the private electricity market in South
Africa grows. We look forward to working alongside our partners to progress
the next steps of growth across this platform and delivering much needed power
across the national grid."

 

Enquiries

 

 Chariot Limited

 Adonis Pouroulis, CEO                           +44 (0)20 7318 0450

 Julian Maurice-Williams, CFO
 Cenkos Securities Plc (Nomad and Joint Broker)  +44 (0)20 7397 8900

 Derrick Lee, Adam Rae (Corporate Finance)

 Peel Hunt LLP (Joint Broker)

 Richard Crichton, David McKeown                 +44 (0) 20 7894 7000

 Celicourt Communications (Financial PR)         +44 (0)20 8434 2754

 Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an African focussed transitional energy group with three business
streams, Transitional Gas and Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is a high value, low risk gas development project
offshore Morocco with strong ESG credentials in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free cashflow
and material exploration upside.

 

Chariot Transitional Power is looking to transform the energy market in
Southern Africa, providing a giant largely untapped market with cleaner,
sustainable, and more reliable power.

 

Chariot Green Hydrogen is partnering with Total Eren and the Government of
Mauritania on the potential development of a 10GW green hydrogen project,
Project Nour. Further large-scale green hydrogen opportunities are also being
evaluated.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

 

 

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