REG - Kistos Holdings PLC - Tidal Power Investment

Kistos HoldingsAnnouncement

11/11/2024 07:00

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RNS Number : 6151L  Kistos Holdings PLC  11 November 2024

11 November 2024

 

Kistos Holdings plc

 

("Kistos" or "the Company")

 

Direct Sustainability Investment in Next-Generation Tidal Power

 

 

Kistos (LON: KIST), an independent energy company focused on generating value
across the upstream and midstream markets, announces an investment in Spiralis
Energy Ltd ("Spiralis Energy"), Spiralis Energy Ltd
(https://www.spiralis.energy/) ("Spiralis Energy"), a tidal energy business.

 

As part of Kistos' commitment to the energy transition and meeting its own
sustainability objectives, the Company has identified and invested in Spiralis
Energy's tidal technology, which is at an advanced stage of testing and has
the potential to revolutionise the tidal energy industry.

 

Spiralis Energy has developed the Axial Skelter tidal power solution, a unique
proposition in the tidal energy industry made from fully recyclable,
3D-printed segments. The entire tidal energy generator can be produced in less
than a week with the individual segments of the Axial Skelter easily
transported, maintained and, if required, replaced.  A demonstration of
Spiralis Energy's Axial Skelter can be viewed
(https://www.youtube.com/watch?app=desktop&v=vco1KcYLsbo)
(https://www.youtube.com/watch?app=desktop&v=vco1KcYLsbo) here
(https://www.youtube.com/watch?app=desktop&v=vco1KcYLsbo)

  (https://www.youtube.com/watch?app=desktop&v=vco1KcYLsbo)

Supported by Kistos' investment, Spiralis Energy will undertake a long term
survivability test of the Axial Skelter. This will demonstrate the operational
resilience of the Axial Skelter and could lead to widescale deployment to
provide a sustainable energy generation capability.

 

As a cost effective way to mitigate our carbon impact, Kistos has agreed to
take an equity interest of up to 20% in Spiralis Energy Ltd through 10% equity
and 10% warrants for an investment of £800,000. Kistos has the right to have
board representation.

 

 

Andrew Austin, Executive Chairman of Kistos, commented:

 

"Kistos is committed to supporting the energy transition and believes this can
be done whilst exposing shareholders to asymmetric value accretive
opportunities. Our investment in Spiralis follows extensive due diligence on
the business, its technology and commercial strategy and the tidal power
sector and current market participants. Providing financial backing at this
stage, with imminent final testing and the potential for commercial deployment
shortly thereafter, meets our risk profile for this investment.

 

Whilst as a management team our priority remains to seek value accretive
opportunities in hydrocarbons, this investment offers a path to meet our
stated sustainability commitments in conjunction with providing direct upside
exposure and influence not available with traditional offsetting initiatives."

 

 

 

 Kistos Holdings plc                                 via Hawthorn Advisors

 Andrew Austin

 Panmure Liberum (NOMAD, Joint Broker)               Tel: 0207 886 2500

 James Sinclair-Ford / Dougie McLeod / Mark Murphy

 Berenberg (Joint Broker)                            Tel: 0203 207 7800

 Matthew Armitt / Ciaran Walsh

 Hawthorn Advisors (Public Relations Advisor)        Tel: 0203 745 4960

 Henry Lerwill / Simon Woods

 Camarco (Public Relations Advisor)                  Tel: 0203 757 4983

 Billy Clegg

 

Notes to editors

 

Kistos Holdings plc was established to acquire and manage companies in the
energy sector engaging in the energy transition trend. The Company has
undertaken a series of transactions including the acquisition of a portfolio
of highly cash generative natural gas production assets in the Netherlands
from Tulip Oil Netherlands B.V. in 2021. This was followed in July 2022, with
the acquisition of a 20% interest in the Greater Laggan Area (GLA) from
TotalEnergies, which includes four producing gas fields and a development
project. In May 2023, Kistos completed the acquisition of Mime Petroleum A.S.
adding 24 MMboe of 2P reserves and significant production. In April 2024,
Kistos completed the acquisition of UK gas storage assets, which due to the
fast cycle nature of the facility, can deliver up to 11% of the UK's flexible
daily gas capacity if called upon.

 

Kistos is a low-carbon intensity energy producer with Estimated Scope 1 CO(2)e
emissions from our operated activities offshore Netherlands of less than 0.01
kg/boe in 2023 (excluding necessary flaring during drilling campaigns).

 

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