REG - Corcel PLC - Partnership with Altana Social Impact Partnership

CorcelAnnouncement

28/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220428:nRSb5942Ja&default-theme=true

RNS Number : 5942J  Corcel PLC  28 April 2022

 

Corcel PLC

("Corcel" or the "Company")

 

Altana Social Impact Partnership Partners with Corcel plc

 

28 April 2022

 

Corcel, the natural resource exploration and development company with
interests in battery metals and flexible energy generation and storage, is
pleased to announce signature of a Heads of Terms with a large-scale UK
investment fund with a view to funding its current and future UK energy
storage and generation projects.  The Heads includes the award of an option
for a direct investment by the same fund in Corcel's UK subsidiary which holds
the portfolio of UK based energy generation and storage projects.

The Company is pleased to announce signature of a Heads of Terms defining a
partnership with Altana Social Impact Partnership ("ASIP") to jointly fund and
develop Corcel's UK energy storage and generation project pipeline, which
currently includes a mix of battery energy storage and transitional energy
generation projects at various stages of development.  ASIP is a large UK
based investment fund which invests across a range of asset classes with a
social and ethical agenda.

 

Whilst the Corcel and ASIP partnership originated from the funding process for
the two 50MW gas peaker projects at Avonmouth and Tring Road, the envisioned
partnership is designed to be broader, potentially including multiple battery
storage sites across the UK alongside other projects.  Currently, discussions
between Corcel, ASIP and the landlord at Avonmouth regarding exclusivity
rights are continuing and due diligence is underway, the Company cautions that
there can be no certainty at present that Corcel's rights to Avonmouth will be
formally extended.

 

Alongside the funding relationship and with a view to participate in all
future Corcel energy generation and storage projects, the Heads include that
ASIP is also awarded an Option (the "Option") over 50% of Flexible Grid
Solutions Limited (the Company's UK based subsidiary which owns the Company's
portfolio of UK based energy generation and storage projects) for a total cost
of £500,000.  The Option will be valid for a period of three months. The
Option is subject to detailed due diligence and ASIP's final Investment
Committee approval. Upon execution of the Option, ASIP will be granted the
right to nominate a board representative to Flexible Grid Solutions Limited as
well as a right of first refusal to fund the first 250MW of FGS projects.

 

 

For further information, please contact:

 

Scott Kaintz 020 7747
9960
Corcel Plc CEO

James Joyce / Andrew de Andrade 0207 220 1666
          WH Ireland Ltd NOMAD & Broker

Simon Woods 0207 3900
230
                   Vigo Communications IR

 

This announcement contains inside information under Article 7 of Regulation
(EU) 596/2014.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAKLXAESAEFA