REG - Kibo Energy PLC - Kibo Strategy Update
16/01/2024 07:01
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RNS Number : 7623Z Kibo Energy PLC 16 January 2024
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 16 January 2024
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Strategy Update
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused developer
of sustainable energy solutions, is pleased to provide an interim strategy
update in relation to its development approach. This follows the Company's
2023 operational update as announced in an RNS dated 3 July 2023. This RNS
aims to outline the Company's strategic concept and, whilst progress has been
limited given constraints around funding, recent advancements as part of its
commitment to developing long-term sustainable energy solutions in Southern
Africa, the UK and Ireland.
Kibo's strategy revolves around its commitment to being a developer of
sustainable clean energy solutions by integrating both established and
cutting-edge technologies in renewable energy generation, waste-to-energy and
energy storage. The primary focus is to deliver enduring, low- or zero-carbon
energy-generation solutions across Southern Africa, the UK and Ireland.
A number of these clean energy opportunities are in various stages of
development and others still in the opportunity screening phase.
In pursuit of this objective, the Company has and continues to establish
formal relationships with pivotal and leading industry entities, including
sustainable technology original equipment manufacturers, specialising in
energy storage, biomass production and pioneers in biofuel technologies.
Operationally, the Company:
· is currently formulating a joint development agreement with a
multinational food and beverage producer ("the Client") intended to be funded
equally (i.e., 50-50) by Kibo and the Client. The objective of this
collaboration is to build and operate a pilot plant that will produce bio-coal
as a preliminary step towards the establishment of a comprehensive
production-scale facility. This initiative, subject to a successful pilot
plant and financing, will enable the Client to transition from the use of
fossil coal to bio-coal in its comprehensive boiler fleet, without any
reconfiguration, aligning with established Environmental, Social and
Governance (ESG) compliance standards; and
· has received conditional preliminary approval for development
funding, subject to due diligence, from a prominent development banking
institution in Southern Africa for one of the Company's existing
waste-to-energy projects.
The table below indicates the status of Kibo's project portfolio at present.
Timelines beyond Q1 2024 remain as advised and the Company will advise should
these change in light of the below. This does not include opportunities that
are currently the subject of advanced due diligence and commercial
consideration.
Kibo Group Project Portfolio
Entity Kibo Equity Strategic Domain Projects Development Status Current Status
MAST Energy Developments (UK) 57.86% Reserve Power Pyebridge (9 MW) In care and maintenance - CM T-1 contract began on 1 October 2023 (see MED Unaudited Interim results
for the six months ended 30 June 2023)
- Placed in care and maintenance, pending funding (see MED RNS dated 1
December 2023)
Bordesley (5 MW) Advanced project development Re
ad
y
fo
r
co
ns
tr
uc
ti
on
an
d
aw
ai
ti
ng
fu
nd
in
g
(s
ee
ME
D
RN
S
da
te
d
25
Au
gu
st
20
23
)
Rochdale (4.4 MW) Advanced project development -
Pl
an
ni
ng
co
ns
en
t
gr
an
te
d
in
Q2
20
23
(s
ee
ME
D
Re
su
lt
s
fo
r
th
e
ye
ar
en
de
d
31
De
ce
mb
er
20
22
as
pe
r
th
e
ME
D
RN
S
da
te
d
28
Ap
ri
l
20
23
an
d
ME
D
Un
au
di
te
d
In
te
ri
m
re
su
lt
s
fo
r
th
e
si
x
mo
nt
hs
en
de
d
30
Ju
ne
20
23
)
-
Sh
ov
el
re
ad
y
an
d
aw
ai
ti
ng
fu
nd
in
g
(s
ee
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25
Au
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st
20
23
an
d
ME
D
Un
au
di
te
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In
te
ri
m
re
su
lt
s
fo
r
th
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si
x
mo
nt
hs
en
de
d
30
Ju
ne
20
23
)
Hindlip Lane (7.5 MW) Concept stage -
EP
C
an
d
O&
am
p;
M
co
nt
ra
ct
s
un
de
r
re
vi
ew
,
fu
rt
he
r
up
da
te
s
to
fo
ll
ow
(s
ee
ME
D
Re
su
lt
s
fo
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th
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ye
ar
en
de
d
31
De
ce
mb
er
20
22
as
pe
r
th
e
ME
D
RN
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da
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d
28
Ap
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l
20
23
an
d
ME
D
Un
au
di
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d
In
te
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re
su
lt
s
fo
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x
mo
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en
de
d
30
Ju
ne
20
23
)
-
Sh
ov
el
re
ad
y
an
d
aw
ai
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fu
nd
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(s
ee
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da
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Au
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20
23
an
d
ME
D
Un
au
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In
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fo
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th
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x
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hs
en
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30
Ju
ne
20
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)
Stather Road (2.5 MW) Concept stage -
EP
C
an
d
O&
am
p;
M
co
nt
ra
ct
s
un
de
r
re
vi
ew
,
fu
rt
he
r
up
da
te
s
to
fo
ll
ow
(s
ee
ME
D
Re
su
lt
s
fo
r
th
e
ye
ar
en
de
d
31
De
ce
mb
er
20
22
as
pe
r
th
e
ME
D
RN
S
da
te
d
28
Ap
ri
l
20
23
an
d
ME
D
Un
au
di
te
d
In
te
ri
m
re
su
lt
s
fo
r
th
e
si
x
mo
nt
hs
en
de
d
30
Ju
ne
20
23
)
-
Pl
an
ni
ng
co
ns
en
t
gr
an
te
d
(s
ee
ME
D
RN
S
da
te
d
25
Au
gu
st
20
23
an
d
ME
D
Un
au
di
te
d
In
te
ri
m
re
su
lt
s
fo
r
th
e
si
x
mo
nt
hs
en
de
d
30
Ju
ne
20
23
)
Sustineri (SA) 65% Waste to Energy CHP project to supply base-load electricity generation in South Africa with 4 Phase 1 (2.7 MW + study on synthetic oil production) Advanced project development stage - financial close ready - Technical workstream in collaboration with a potential OEM to align and
potential revenue streams: electricity, gate fees and potentially from heat integrate plant designs and specifications with feedstock supply
and steam output as well as the production of synthetic fuel oil and naphtha
- Integrated Environmental Authorisation (EA) has been granted
- Advanced discussions with a development banking institution for development
funding currently underway
Phase 2 (targeted 20 MW) Pre-concept stage Milestones TBD once Phase 1 has been executed
National Broadband Solutions (SA) 51% Long Duration Energy Storage Simultaneous concept and commercial development Status remains unchanged from previous update currently under review
12.3 MW in development
36.32 MW target for development Under assessment
Mbeya Power Project ('MPP') (TZ) 100% Biofuel 300 MW short-term conversion to renewable energy biofuel Original project. Fully permitted with Bankable Feasibility Study completed TANESCO due diligence on Kibo ongoing as part of the MOU programme and
currently underway
The Company has also entered into negotiations with potential strategic
investor for the further development of the MPP
UK Portfolio 100% Waste to Energy Southport (10 MW, 2 MW long-duration energy storage and 5.5m m(3) bio-methane) Status remains unchanged from previous update as parties continue to seek
agreement on further development plan for project
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
16 January 2024
Corporate and Designated Adviser
River Group
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