Bio-fuel Projects Test Work & Director Retirement
02/05/2023 07:00
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RNS Number : 9259X Kibo Energy PLC 02 May 2023
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 2 May 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Announces Positive Specification Outcomes of Pilot Test Work for Its
Bio-fuel Projects
And Retirement of Executive Director
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused
development company, is pleased to update the market on significant progress
it has made on its aim to supply solid biofuel as a replacement for
conventional coal to various international companies in the manufacturing
industry, as first mentioned in previous RNS' and again in a Company
announcement dated 1 February 2023.
The Company has recently conducted additional verification testing on selected
biomass types through accredited laboratories to determine their performance
specifications against specific energy requirements of potential clients as
part of an ongoing technical feasibility study. The laboratory tests have
yielded better than expected results (presented in the table below),
demonstrating that the selected biomass types not only match but significantly
outperforms conventional coal in many specification categories used in
industrial boilers.
The latest verification results have shown more favorable outcomes in terms of
specifications compared to previous tests. The table below provides a
comparison between the specifications of conventional coal and the bio-coal
types recently tested by the Company in its ongoing laboratory tests.
Conventional Coal(*) Bio-coal(**)
Calorific Value (MJ/kg) 20-29 28-32
Ash Content (%) 15-21 2.5-6
Sulphur Content (%) 1-1.5 0.04-0.1
Volatiles (%) 5-50 20-40
Chlorine Content (%) 0.01-1% < 0.2%
*Range of characteristics properties of South African A-D grade coal
**Range of characteristic properties of bio-coal types tested
The outcome of the previous pilot test work indicated that the bio-coal
performed well above expectation over a measured three-day period, not only in
terms of its combustion properties but also in terms of its physical
characteristics in the materials-handling process (feeding process and ash
removal into and from the boiler). The results report provided by the boiler
manufacturer indicated that bio-coal performed in line or better than what is
expected from conventional coal, with the strategic benefit that it is a
carbon-neutral solution.
The positive lab and pilot tests clearly demonstrate the potential viability
to replace conventional coal with solid biofuel from a technical and
operational perspective. The latest results will now be fed into the detailed
feasibility studies that are currently underway, to establish the technical
and commercial viability to replace coal with solid biofuel in small- to
medium-sized boilers and similar applications.
The Company also wishes to take this opportunity to announce that Mr. Chris
Schutte will be retiring from the Kibo board as of 02 May 2023. Mr. Schutte is
leaving the Kibo board for the peace and quiet of a well-deserved retirement
with his family. The Company is currently considering a number of candidates
to fill Mr. Schutte's position on the board.
Louis Coetzee, CEO of Kibo Energy, says: "We are extremely pleased with the
outcome of the most recent test work and are confident that the ongoing
feasibility studies will bring further positive results, validating the Kibo
strategy and ability to deliver carbon-neutral solutions in Southern Africa's
highly challenging energy landscape. We remain on course to actively pursue
the successful execution of our bio-fuel projects in Southern Africa and look
forward to providing further updates to the market on the progress of these
initiatives.
"I also want to use this opportunity to thank Chris on behalf of the Kibo
Board for his dedicated service to the Company over the last two-and-a-half
extremely challenging years. His technical knowledge and industry insight was
invaluable and made a significant contribution to the Company's development."
This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy (http://www.kibo.energy/)
or contact:
Louis Coetzee info@kibo.energy (mailto:info@kibo.energy) Kibo Energy PLC Chief Executive Officer
James Biddle +44 207 628 3396 Beaumont Cornish Limited Nominated Adviser
Roland Cornish
Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
Damon Heath +44 207 186 9952 Shard Capital Partners LLP Joint Broker
Zainab Slemang van Rijmenant zainab@lifacommunications.com (mailto:zainab@lifacommunications.com) Lifa Communications Investor and Media Relations Consultant
Johannesburg
02 May 2023
Corporate and Designated Adviser
River Group
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