RCS - Harmony Energy Inc. - Farnham Project Energisation

Harmony Energy Income Trust

01/06/2023 07:00

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RNS Number : 2586B  Harmony Energy Income Trust PLC  01 June 2023

1 June 2023

Harmony Energy Income Trust plc

(the "Company")

 

Farnham Project Energisation

Harmony Energy Income Trust plc, which invests in battery energy storage
systems ("BESS") in Great Britain, is pleased to announce that its 20 MW / 40
MWh Farnham project (located in Surrey) has been successfully energised and
is expected to be fully operational by the end of June 2023. The Farnham
project is the Company's third project to be energised and takes the total
operational capacity within the Company's portfolio to 129 MW / 258 MWh.

The project was developed by Harmony Energy Limited (the "Developer") and
construction of the project was managed by Tesla with oversight from the
Harmony Energy Project Team. Farnham will be operated through Autobidder,
Tesla's algorithmic trading platform, which has also been deployed at the
Company's Pillswood and Broadditch projects.

The Company's five projects under construction continue on track, in line with
their timelines, with the Developer's own project management teams on site,
overseeing progress.

Peter Kavanagh, Director of Harmony Energy Advisors Limited said:

"The roll out of our BESS projects continues at pace, as outlined at IPO. We
are focussed on playing an integral role in the UK's transition to renewable
energy alongside delivering attractive and sustainable returns to
shareholders.

"Farnham is our third project to be energised, taking our total operational
capacity to 129 MW. Looking ahead, we remain on track to increase the
operational capacity of the Company's portfolio to over 300 MW by year end."

END

For further information, please contact:

 Harmony Energy Advisors Limited
 Paul Mason

 Max Slade

 Peter Kavanagh

 James Ritchie
 info@harmonyenergy.co.uk (mailto:info@harmonyenergy.co.uk)

 Berenberg                                                        +44 (0)20 3207 7800

 Gillian Martin

 Ben Wright

 Dan Gee-Summons
 Camarco                                                          +44 (0)20 3757 4980

Eddie Livingstone-Learmonth

 Georgia Edmonds

Lily Pettifar

 JTC (UK) Limited                                                 +44 (0)20 7409 0181
 Uloma Adighibe

 Harmony.CoSec@jtcgroup.com (mailto:Harmony.CoSec@jtcgroup.com)

LEI: 254900O3XI3CJNTKR453

About Harmony Energy Advisors Limited (the "Investment Adviser")

The Investment Adviser is a wholly owned subsidiary of Harmony Energy
Limited. The Investment Adviser is an appointed representative of Laven
Advisors LLP, which is authorised and regulated by the Financial Conduct
Authority.

The management team of the Investment Adviser have been exclusively focussed
on the energy storage sector (across multiple projects) in Great Britain for
over six years, both from the point of view of asset owner/developer and in a
third-party advisory capacity.

Important legal information

This announcement contains (or may contain) certain forward looking statements
with respect to certain of the Company's plans and/or the plans of one or more
of its investee companies and their respective current goals and expectations
relating to their respective future financial condition and performance and
which involve a number of risks and uncertainties. The Company cautions
readers that no forward-looking statement is a guarantee of future performance
and that actual results could differ materially from those contained in the
forward-looking statements.

 

 

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