Maiden Exercise of Investment Rights Over GEM Energia
13/12/2024 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Igraine plc
AQSE: KING
("Igraine" or "the Company")
Maiden Exercise of Investment Rights Over GEM Energia Limited ("GEM Energia")
Igraine plc (AQSE: KING), an investing company focused on the development of
battery energy storage and life sciences sectors, is pleased to update its
shareholders regarding its exercise of investment rights with GEM Energia.
As announced on 21 October 2024 and further to the announcement of 2 December
2024, Igraine secured the exclusive investment rights over GEM Energia Limited
and its Special Purpose Vehicles, including a right of first refusal on all
current and future battery storage projects with GEM's portfolio.
Strategic Partnership Signed with BES3 Holdings Ltd ("BES3"), a wholly owned
subsidiary of Green Energy Management Ltd which is 100% owned by GEM Energia.
Igraine has activated its initial funding facility with Vela Technologies plc
and has now formalised a binding agreement with BES3, exercising its exclusive
investment rights under the collaboration with GEM Energia. This represents a
pivotal step in Igraine's strategic expansion into the energy infrastructure
sector, leveraging the increasing demand for renewable energy solutions and
grid stabilisation technologies.
Both parties have collaborated extensively to align on shared targets and
ambitions for 2025 and beyond. This includes the identification of the first
strategic site for development.
The first strategic development site is in the Northwest of England, held in
BES3. The site, chosen after thorough strategic evaluation, is set to advance
to the Ready-to-Build ("RTB") stage. Leading the project will be Andy Brown, a
senior member of GEM Energia's team with over 30 years of experience in
complex project delivery. His proven expertise ensures the project's robust
execution and alignment with Igraine's overarching growth strategy.
Further details about the site will be shared once a grid connection option
has been secured. GEM Energia already holds an agreement with the landowner,
granting them authority over the site. A considerable amount of pre-planning
work has already been undertaken, significantly de-risking the project, making
this site as the ideal starting point for the partnership.
The GEM Energia team is now actively engaged in discussions with a
Distribution Network Operator and National Grid to secure a grid connection
option. Upon securing this, the project will proceed through the planning
process to achieve RTB status.
We look forward to providing shareholders with further updates as we progress
with this first partnership site between Igraine and GEM Energia.
David Levis, Chief Executive Officer, commented -
"This collaboration between Igraine and GEM Energia marks an exciting
milestone in the shared vision for sustainable energy solutions. The selection
of our first site together in the North West of England is just the beginning
of what we believe will be a highly productive and rewarding journey."
The Directors of the Company, who have issued this RIS announcement after due
and careful enquiry, accept responsibility for its content.
Enquiries
Company:
David Levis (Chief Executive Officer)
David@igraineplc.com
Simon Grant-Rennick (Non-Executive Chairman)
Simon@igraineplc.com
Steve Winfield (Non-Executive Director)
Steve@igraineplc.com
Investor relations : info@igraineplc.com
Aquis Growth Market Corporate Adviser:
Peterhouse Capital Limited
Tel: +44 (0) 207 469 0930
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