Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
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BB,
The CODX RTO price hasn't actually been set: 10p is just the nominal (or par) value of each CODX share, which shares will be issued to pay for the RTO.
Though I think it's reasonable to assume that 10p/share will be the minimum issue price, 10p being the price at which CODX raised its cash before and at its floatation, but it could be higher. CODX has had low cash burn, like ARA.
(UK companies can't actually issue shares at below their nominal/par value, albeit that value can be changed at a general meeting.)
And the CODX share price performance since its March 2022 float, at 10p/share like ARA's, has been not dissimilar to ARA's: CODX started off trading at a large premium (15p s.p.), before declining over time, to its current s.p. of just 5.5p, at which it has been suspended for its RTO.
10p acquisition price. What was SP just before? Thanks
CODX, a similar shell to ARA, has today suspended for a renewable energy RTO:-
20th Dec 2023 8:18 am RNS Acquisition
"Proposed Acquisition and Suspension of Listing
Codex Acquisitions plc (LSE: CODX) (the "Company") is pleased to announced that, on 19 December 2023, it entered into non-binding heads of terms ("HOTs") to acquire the entire issued share capital of TNE - Technologies New Energy S.A. ("TNE"), a sociedade anónima incorporated in Portugal operating in the renewable energy sector, in consideration for an issue of new ordinary shares of nominal value 10 pence each in the capital of the Company ("Ordinary Shares") (the "Proposed Acquisition").
Background to the Proposed Acquisition
The Company was established as a 'special purpose acquisition company' with the objective of undertaking one or more acquisitions in the clean and renewable energy sector, as outlined in its prospectus published on 4 March 2022, a copy of which can be found on the Company's website at the following link: https://www.codexplc.com.
About TNE
TNE is a global provider and project developer of integrated state-of-the-art energy efficiency, energy transition and decarbonisation solutions.
TNE owns a diversified and differentiated portfolio of renewable projects in Portugal based on the energy flexibilisation, Power-to-X and Biomass-to-Liquids technologies architecture that will enable novel applications to a clean transition for the hard-to-abate sectors such as chemical industries, mobility applications and urban built environments. TNE mission is to significantly accelerate developments to drive decarbonisation efforts at scale and get a lasting and unparalleled impact on our planet.
Further details about TNE can be found on its website at the following link: https://tne.pt/.
The Proposed Acquisition is in line with the Company's acquisition strategy.
Details of HOTs
The HOTs place an initial valuation on TNE of within the range of £28-33 million, subject to adjustments and a floor valuation of no less than £28 million.
The HOTs are non-binding save principally for provisions relating to exclusivity and confidentiality.
Under the HOTs, it is the current intention of the parties that the consideration for the Proposed Acquisition shall be satisfied by the issue of new Ordinary Shares.
The HOTs include a long stop date for the entering into legally binding definitive share purchase agreement ("SPA") of 29 March 2024 (which may be varied by mutual agreement of the parties in writing). ..."
https://www.lse.co.uk/rns/CODX/acquisition-bxkzj5bvarvqwlc.html
CODX floated on 9th. March 2022, just one month before ARA.
DSI is completing its RTO on Wednesday of next week, combined with a transfer from the main market to AIM, a placing of £2M., and a name change to EnergyPathways (EPP).
DSI's pre new money & pre RTO market cap. at the placing price of 4p is £1.062M.
That is over four times DSI's net current assets of £230,185 as at 31.8.23.
15th Dec 2023 10:07 am RNS Update re reverse takeover and cancellation
"Dial Square Investments Plc
(to be renamed EnergyPathways plc)
Update re Reverse Takeover of EnergyPathways plc and Cancellation of the Company's Ordinary Shares from the Official List and the Main Market and proposed admission to trading on AIM
Dial Square Investments Plc ("Dial Square" or the "Company"), a London Stock Exchange traded special purpose acquisition vehicle, is pleased to announce that it has agreed to acquire the entire issued share capital and other securities of EnergyPathways Limited ("EnergyPathways"), that was announced on 10 March 2023, with such acquisition constituting a reserve takeover (the "Acquisition"). Completion of the Acquisition is conditional on the satisfaction of various conditions, including admission of the Company's entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange ("AIM"). Accordingly, the Company intends to request that the Financial Conduct Authority ("FCA") cancels the standard listing of the ordinary shares of the Company (the "Shares") on the Official List and to request the London Stock Exchange to cancel the admission to trading of the Shares on the main market for listed securities (the "Cancellation").
As part of the reverse takeover, the Company has raised £2,000,000 through a placing and subscription of 50,000,000 Shares at a price of 4p per Share (the "Fundraising").
The Company has applied for the admission of its issued Shares (as enlarged by the Fundraising and the reverse takeover of EnergyPathways) to trading on AIM ("Admission"). Cancellation and Admission will take place simultaneously and this is expected on 20 December 2023.
On Admission the expected market capitalisation of the Company based on the placing and subscription price of 4p per share is approximately £6.32 million.
Background to EnergyPathways
EnergyPathways is an integrated energy transition company, initially targeting UK gas assets, with the aim of bringing into production, in the near-term, low emission energy solutions to assist with the UK's transition to net zero while also providing critical supply to ensure domestic energy security.
EnergyPathways holds, via its wholly-owned subsidiary EnergyPathways Irish Sea Limited, a 100 per cent. interest in block 110/4a in Seaward Licence P2490 that contains the Marram gas field (the "Marram Field"), located 30km west of mainland UK, ..."
https://www.lse.co.uk/rns/DSI/update-re-reverse-takeover-and-cancellation-eq8snxz0kmrycpi.html
"UK government publishes strategy for ‘globally competitive battery supply chain’
By Cameron Murray
November 27, 2023
The UK government has published its ‘Battery Strategy’, setting out measures to facilitate the growth of a domestic battery industry to support the EV and energy storage system (ESS) sectors.
The release yesterday (26 November) comes at a time when the EU and the US press ahead with plans to support their own battery industries. Demand for batteries, mainly lithium-ion, is booming globally with the electrification of society and all three regions want to reduce their reliance on China and wider East Asia, which dominate production today.
The UK government therefore aims for the country to “have a globally competitive battery supply chain that supports economic prosperity and the net zero transition”, it said in its UK Battery Strategy paper though didn’t give any specific targets. ..."
https://www.energy-storage.news/uk-government-publishes-strategy-for-globally-competitive-battery-supply-chain/
"US lays out plan at COP 28 to slash greenhouse gas methane from oil and gas
By Nichola Groom and Valerie Volcovici
December 2, 20235:56 PM GMTUpdated 2 hours ago
DUBAI, Dec 2 (Reuters) - The Biden administration on Saturday unveiled final rules aimed at cracking down on U.S. oil and gas industry releases of methane, part of a global plan to rein in emissions that contribute to climate change.
The rules, two years in the making, were announced by U.S. officials at the United Nations COP28 climate change conference in Dubai. The United States and other nations attending the summit are expected to detail how they will achieve a 150-country pledge made two years ago to slash methane emissions by 30% from 2020 levels by 2030.
Methane tends to leak into the atmosphere undetected from drill sites, gas pipelines and other oil and gas equipment. It has more warming potential than carbon dioxide and breaks down in the atmosphere faster, so reining in methane emissions can have a more immediate impact on limiting climate change.
"These new standards will help us meet our international commitments to aggressively tackle climate change, while improving air quality for communities all across the country," U.S. Environmental Protection Agency Administrator Michael Regan told a news conference in Dubai.
Vice President Kamala Harris cited the methane regulations among several U.S. initiatives to fight global warming and said they showed the Biden administration had restored the United States as a global leader in the fight against climate change.
"Today, we are demonstrating through action how the world can and must meet this crisis," Harris she told the conference. ..."
https://www.reuters.com/sustainability/climate-energy/us-lays-out-plan-cop-28-slash-climate-super-pollutant-oil-gas-2023-12-02/
The potential impact of a good RTO deal can be even more than the MII premium investment.
On 14.11.23, ZEG closed up a whomping 364%, rising 110.6p to 141p, after returning from a near two month suspension.
ZEG's market cap. at its suspension price of 30.4p was £1.89M., which like ARA was less than its cash per share.
9th Nov 2023 11:34 am RNS Proposed Placing
"Further to the announcements of 31 October 2023 in connection with the Company's acquisition of Vodafone Spain for €5.0bn, Zegona announces a proposed placing to raise gross proceeds of approximately €300 million (£261 million) (the "Placing").
The Placing will comprise the issue of New Zegona Shares to institutional investors at the Offer Price of 150 pence per share by way of a non-pre-emptive placing. It will be conducted through an accelerated bookbuilding process which will be launched immediately following this announcement. ...
The Offer Price represents a 380 per cent. premium to the closing mid-market price of a Zegona Share on 22 September 2023, the date when Zegona requested that trading in its shares was suspended by the London Stock Exchange following press speculation in relation to the Acquisition. ..."
https://www.lse.co.uk/rns/ZEG/proposed-placing-whegwcj4uw7lm6n.html
From the 19.4.23 video interview with ARA's Chairman John Croft:-
"... we're very hopeful, put it like that, that we can do a transaction in this year. The sectors that we're particularly interested in are in energy storage generally, but particularly in battery technologies.
... there's a huge opportunity there ... I'm very hopeful we'll do something this year.
... with the minimum capitalisation having been moved up to thirty million pounds, it means actually that that valuation of the SPAC in the context of an overall transaction is relatively small. So we're starting to see valuations for SPACS in transactions heading up, and recently there have been some in London where the SPAC has been valued at multiple times of its cash balance, and multiple times the value of its original market cap. at the time it came to the market. So we see that as being very encouraging, and a positive sign for our shareholders going forward. ..."
https://www.proactiveinvestors.co.uk/companies/news/1012600/aura-renewable-acquisitions-very-hopeful-of-making-a-transaction-this-year-1012600.html
MII's news and rise a few weeks ago shows the intrinsic undervaluation of a main-listed shell trading at sub-cash, like ARA.
Especially with the 'tap now turned off' for the supply of new micro-cap main-listed shells: since early June this year,'new' shells have been banned from floating on the main market with a sub £30M. market cap. (previous minimum only £0.7M.).
So whereas previously the 31.10.23 MII investors could have sought to back a similar new shell at float, now such investors have to look to what's already listed. Which will gradually diminish in supply.
On 31.10.23, MII closed up 48.3%, rising 0.35p to 1.075p (1p - 1.15p). And this is even before any RTO deal.
31st Oct 2023 7:00 am RNS Board Changes, Share Purchases and PDMR Dealings
"Board Changes, On-Market Share Purchases and PDMR Dealings
HIGHLIGHTS
• Approximately £455,000 of existing shares purchased at 1.25p per share price by a range of new investors.
• 78.5% premium to the mid-market price at 30 October 2023
• 25% premium to October 2022 IPO issue price
• New Directors appointed with exceptional track records in the international oil and gas sector.
BACKGROUND
Milton Capital Plc is pleased to announce that certain other investors (the "Buyers") have agreed, via Peterhouse Capital, to acquire 36,400,000 existing ordinary shares through on- market purchases, at 1.25 pence per share, from a group of existing shareholders (the "Share Sales"). The selling shareholders include Malcolm Burne, a director of the Company, who has agreed to sell 12,000,000 ordinary shares as part of the Share Sales. Two of the Buyers, Edward Dawson and Richard Mays, who will join the board as Executive Director and Non-Executive Director respectively of the Company, with immediate effect, have each agreed to buy 4,000,000 ordinary shares in the Share Sales. ..."
https://www.lse.co.uk/rns/MII/board-changes-share-purchases-and-pdmr-dealings-nf794ufiobqej6k.html
13th Nov 2023 8:33 am RNS Director Declaration
"Aura Renewable Acquisitions plc confirms that Robin Stevens, Non-Executive Director, has advised that he will be appointed as a Non-Executive Director of East Imperial Plc (LSE: EISB).
This announcement is made in accordance with Listing Rule 9.6.14."
https://www.lse.co.uk/rns/ARA/director-declaration-xayj2l3qxncwvho.html
Tomorrow's event will run from 6p.m. - 8.45p.m., including a one hour networking reception at the end:-
https://www.linkedin.com/posts/the-british-malaysian-society_the-british-malaysian-society-invites-members-activity-7125439275990421504-ySdu
7th Nov 2023 9:00 am RNS Director to address City of London energy event
"Director to address City of London energy event
7 November 2023 - Aura Renewable Acquisitions plc, a UK-incorporated company, whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, announces that Robin Stevens, a Non-Executive Director of the Company, is to address an energy event in the City of London.
'UK-Malaysia: Update on Oil & Gas and Renewables', hosted by the British Malaysian Society, is scheduled to take place in the City of London, on Wednesday, 8 November 2023. The event, to be chaired by Sir Mark Moody-Stuart KCMG, will also feature other speakers.
Robin Stevens commented: "At a time when the energy transition is at the top of the public and business agenda, it is a privilege to be invited to speak at this prestigious and wide-ranging event alongside country and sector experts. The event provides an opportunity to bring the Aura Renewable Acquisitions story to a wider audience within the context of the exciting and important developments in the promotion and support for renewable energy projects that are taking place in Malaysia and in Asia Pacific."
Mr Stevens intends to outline Aura's strategy and activities to the audience within his wider presentation and participate in a Q&A session. It is not intended the Company will disclose any material information at the event."
https://www.lse.co.uk/rns/ARA/director-to-address-city-of-london-energy-event-0xf9w8amv6n1aa0.html
3rd Oct 2023 1:30 pm RNS Statement regarding possible offer
"Statement regarding possible offer for TMT Acquisition plc
The boards of TMT Acquisition plc ("TMT Acquisition") and Belluscura plc ("Belluscura") are pleased to announce that they have reached agreement on the key terms of a possible share for share offer for TMT Acquisition by Belluscura (the "Possible Offer"). ...
Terms of the Possible Offer
The proposed terms of the Possible Offer comprise the issuance of 15 new ordinary shares of Belluscura ("Belluscura Shares") in exchange for every 22 ordinary shares of TMT Acquisition ("TMT Acquisition Shares") equalling 18,750,000 Belluscura Shares (the "Exchange Ratio"). The Exchange Ratio would imply a valuation of 21.82 pence for each TMT Acquisition Share and a 24.7% premium to the three month volume weighted average price for TMT Acquisition Shares calculated for the period ending on 2 October 2023, the last practicable date prior to the announcement of the Possible Offer (the "Possible Offer Terms").
Accordingly, on the basis of the Exchange Ratio, the Possible Offer will imply a total valuation of GBP6.0 million for TMT Acquisition.
A compelling combination which significantly increases Belluscura's ability to execute on its burgeoning sales pipeline and strategy, creating considerable value for all stakeholders of both TMT Acquisition and Belluscura
Given the introduction and significant pre-launch demand expressed for the DISCOV-R product, building on top of the continued sales progress of the X-PLOR (as outlined below), Belluscura is seeking further growth capital to fund the increased working capital required to meet these growth opportunities. The funds available within TMT Acquisition (approximately GBP4.7 million), will provide the enlarged group with additional working capital, to help meet the planned growth through to Belluscura becoming cash flow positive, which the board of Belluscura expect to be by the end of the second quarter of next year. Following completion, the Belluscura board will remain in place and the directors of the TMT Acquisition board will step down from their roles.
Subject to the confirmatory due diligence required by Belluscura's Nominated Adviser (as is normal for the proposed appointment of any director of an AIM company), and agreement of terms in respect of the Non-Executive Director appointment letters, it is Belluscura's intention to invite both Jonathan Satchell and Paul Tuson, currently Non-Executive Directors of TMT Acquisition, to join the existing Belluscura board as Non-Executive Directors upon the Possible Offer becoming or being declared wholly unconditional, as the board of Belluscura believe each would make a positive contribution to Belluscura's board given their experience and expertise. ..."
https://www.lse.co.uk/rns/TMTA/statement-regarding-possible-offer-nur02g12awg9ixs.html
"PRESS: Qatar plans to invest GBP4 billion in UK on green tech — Times
Sun, 10th Sep 2023 11:06Alliance News
(Alliance News) - Qatar plans to invest billions into the UK, with a focus on green energy research & development, the Sunday Times reported on Saturday.
The non-profit Qatar Foundation funds the 20-year plan, which will include a partnership with jet-engine manufacturer Rolls-Royce Holdings PLC for technical expertise.
https://www.thetimes.co.uk/article/qatar-plots-4bn-spree-on-uks-green-tech-jk8jx0wqh
Rolls-Royce is set to offer its engineering expertise to researchers and is in "positive dialogue" with Qatar Foundation over a "climate technology centre".
Of the GBP4 billion investment planned, GBP1.5 billion will be used to fund the development of new green energy ideas, aiming to create "unicorn" companies worth USD1 billion.
Qatar will make its investment announcement in "weeks", the Times said.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved."
https://www.lse.co.uk/news/press-qatar-plans-to-invest-gbp4-billion-in-uk-on-green-tech-times-cw5gx5r2ljvvabr.html
5th Sep 2023 7:00 am RNS Half-year Interim Report
" ... "Within our team we have both the skills and experience to capitalise on the opportunities that are expected to arise in the renewable energy sector supply chain."
... Chairman's statement
It is my pleasure to present the interim results for the Company covering the six months ended 30 June 2023.
... We believe this wide scope provides the best opportunity to secure assets that will deliver maximum value. These potential targets could range from raw materials resourcing to power generation, energy storage and recycling.
The Company raised net proceeds of GBP1,005,000 when it joined the Standard Segment of the Main Market of the London Stock Exchange in April 2022 and, since the IPO the business continues to incur minimal overheads until we find a suitable acquisition target. This is reflected in our net loss before taxation for the six-month period of GBP69,598 (2022: GBP164,065 (loss)), and that at 30 June 2023 we had retained cash and bank resources of GBP723,127. ...
The US Inflation Reduction Act (IRA) continues to stimulate large-scale investment in new clean energy projects; the Canadian Government announced $35bn tax credits for environmentally beneficial investment in April, while the UK Government has repeatedly reiterated its commitment to decarbonising the economy.
Plans announced by the UK Prime Minister on 31 July, for hundreds of North Sea oil and gas licences, appear to be a balanced response aimed at replacing energy from unstable states with domestic supplies while maximising skills, despite opposition by some pressure groups. Mr Sunak also announced two new carbon capture and storage sites in the North Sea by 2030 to tackle climate change, which would take the UK's total to four. ...
As stated previously, we are fully aware of our wider environmental, social and governance responsibilities to shareholders and other stakeholders and we are committed to follow market best practice and developing procedures to address these important issues. ...
The Company's strategy is dependent to a significant extent on its ability to identify sufficient suitable acquisition opportunities and to execute these transactions at a price and on terms consistent with the Company's strategy. In particular, in order to qualify for re-admission to the Official List following an acquisition, the expected aggregate market value of the issued Ordinary Shares on such re-admission would have to be at least GBP30 million. However, it is possible that the board might decide to seek admission to the AIM Market at the time of its first acquisition, where no such size constraints exist, rather than re-join the Official List. ... "
https://www.lse.co.uk/rns/ARA/half-year-interim-report-2946m3k824wuf5x.html
5th Sep 2023 7:00 am RNS Half-year Interim Report
"Interim Results for the six months ended 30 June 2023
5 September 2023 - Aura Renewable Acquisitions plc, a UK-incorporated company, whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, announces its interim results for the six months ended 30 June 2023.
Highlights
• Targeting acquisitions operating in the Global Renewable Energy Sector Supply Chain.
• An engaged board with a combination of strong sector and capital markets experience and expertise.
• Low cost base and minimal cash burn.
• Good visibility towards potential targets via an extensive contact base of potential introducers and opportunities.
• Strong connections to potential sources of acquisition funding.
• Best practice ESG policies will be introduced to support and encourage sustainability across our business.
John Croft, the Chairman of Aura, commented:
"Aura was established to acquire and then act as the holding company for targeted businesses operating in the global renewable energy sector supply chain, particularly participants in the wind, solar, biomass, hydropower, carbon capture, waste management, smart grids and green hydrogen supply chain, and their sub-sectors.
"The board has continued to investigate a number of potential acquisition and investment opportunities during the year-to-date, in the UK and overseas, which could offer the scale and scalability required to achieve significant growth in this crucially important market sector. We also continue to engage regularly with the board's extensive financial networks to maintain the Company's profile and promote its expansion strategy with the board's extensive introducer base.
"Economic and political uncertainty caused by persistent inflation, high interest rate rises and continuing hostilities in Eastern Europe have continued to depress capital market activity and new issues during 2023, although M&A is more buoyant across markets. The growing awareness of what is now seen as the clear, present and irrefutable danger of global warming on populations, habitats and landscapes underpins our business strategy and economic rationale. Fortunately, there is a growing if sometimes inconsistent shift by national governments to focus on sustainable renewable energy.
"Against a background of general uncertainty and unquestioned need, we believe our closely targeted and considered approach to our first acquisition is correct, aiming to identify a transformational target that can create a meaningful contribution in the renewable energy space. There can be no doubt that the renewable energy sector will offer exciting opportunities for acquisitive and organic growth for the foreseeable future, and we are committed to ensure that the Company and its stakeholders will share in these opportunities. ..."
https://www.lse.co.uk/rns/ARA/half-year-interim-report-2946m3k824wu
Energy Storage Industries Asia Pacific (ESI), the batteries supplier for the new Queensland iron-flow battery project, is another privately-held battery company that looks ripe for a RTO:-
"ENERGY STORAGE INDUSTRIES ASIA PACIFIC
Our renewable energy future — today
We provide reliable and environmentally friendly renewable energy storage battery solutions that are essential for Australia's transition to a renewable energy future.
Energy Storage Industries - Asia Pacific (ESI) is fully integrated — we manufacture, install, maintain and finance energy storage battery solutions.
We have already installed 10 grid-scale batteries at a Queensland facility, helping to secure Queensland’s clean energy future, with a further 10 batteries en route.
By the end of 2026, ESI will produce 200MW | 1.6GWh of energy storage annually. With an ambition to expand to 400MW | 3.2GWh."
https://esiap.com.au/
Interesting to see iron flow batteries being progressed significantly in Australia:-
"FLOW BATTERY
“World’s largest” iron flow battery storage system unveiled in Australia
01 Sep 2023
News
By Tage Erikson
The Stanwell Power Station in Rockhampton in Queensland, Australia, is a hub for energy innovation. Stanwell and Energy Storage Industries Asia Pacific (ESI) have signed a Memorandum of Understanding concerning a new iron-flow battery pilot project – claimed to be the world’s largest.
Twenty batteries, each 12 metres long, will form a 1 MW storage system with a capacity of 10 MWh. The companies said this is the first pilot project in Australia and the world’s largest iron-flow battery of its kind. Stanwell was a coal-fired power plant.
The government of Queensland has set the goal that Stanwell will be operating as a clean energy unit in 2032–33. Stanwell is the size of a shopping centre. The energy palette of the future will contain wind and solar power, hydrogen and battery storage, and other modern and sustainable energy technology.
The battery storage is intended to test the viability of iron flow batteries for medium-duration energy storage of between eight and 12 hours. The solution will support the grid during periods of high demand of power and low supply of renewable energy. ESI has already delivered 10 batteries to Stanwell.
“Queensland is at the forefront of battery technology development and this transaction reinforces the state’s reputation as a leader in the renewable energy economy, while also training the workforce of the future,” Stuart Parry, Managing Director of ESI said.
ESI has already invested A$70 million ($45 million) in a facility in Maryborough for production of iron flow batteries. The company will also manufacture the electrolyte in nearby Townsville, making Queensland a hub for this technology.
The government of Queensland has supported development of flow batteries with A$24 million ($15 million) to increase local employment and to replace imported lithium-ion batteries with a domestic product.
Iron flow batteries are based on the common raw materials iron, salt and water. The cycling capacity exceeds 20,000 cycles and the expected lifetime is more than 25 years."
https://www.bestmag.co.uk/worlds-largest-iron-flow-battery-storage-system-unveiled-in-australia/
Over a thousand battery projects of over 150kW are currently being progressed in Britain, which shows what a huge growth opportunity this is:-
"BESS: The charged debate over battery energy storage systems
By Tom Airey & Spencer Stokes
BBC Yorkshire
26 August 2023
Huge battery storage plants could soon become a familiar sight across the UK, with hundreds of applications currently lodged with councils. ...
What are battery storage plants?
In short, battery storage plants, or battery energy storage systems (BESS), are a way to stockpile energy from renewable sources and release it when needed. ...
Where are they being built?
A government database tracking the progress of UK renewable electricity schemes over 150kW through the planning system lists 1,145 battery projects in total.
According to the online tool, 93 of these sites are currently operational.
Many of the sites being selected by energy companies are on greenfield land close to existing National Grid substations. ...
How realistic are the fire risks?
Concerns around fire safety stems from the lithium within the batteries, which can cause an explosion when it overheats.
On 15 September 2020, a fire at a BESS site in Liverpool took 59 hours to extinguish and created a "significant blast", Merseyside Fire & Rescue Service said. ...
The initial suspected cause was deemed to be "accidental ignition caused by a lithium battery failure transitioning into thermal runaway". ...
A US database listing fires at BESS sites found 63 examples worldwide since 2011. ..."
https://www.bbc.co.uk/news/uk-england-leeds-66584335.amp
It's also an area which could benefit from safer alternatives to lithium ion batteries, and where this is very viable.
The relatively high energy density of lithium gives it the advantage for mobile applications.
But alternative technologies to lithium ion could make huge headway in the stationary energy storage market.
The shell company ASHI floated at 3p per share on 6th. June this year, market cap. £1.841M., compared to net cash of £717K., including its net IPO proceeds.
That didn't look cheap, but to its credit it has suspended (at 2.75p) for a DOUBLE RTO, valued at over £175M. including ASHI's shell value, just two and a half months later:-
17th Aug 2023 8:10 am RNS Heads of Terms Signed
"Heads of Terms Signed
Proposed Reverse Takeover of Cell Therapy Limited
Suspension of Listing
Conditional Acquisition of Cell Therapy Limited
Ashington Innovation (LSE:ASHI), the Special Purpose Acquisition Company (SPAC) established to acquire businesses primarily in the technology sector, is pleased to announce that the Company has entered into a non-binding term sheet (the "Term Sheet") with Cell Therapy Limited ("Cell Therapy") pursuant to which Ashington Innovation will acquire 100% of the total issued equity for £135 million in an all share transaction (the "Transaction"). Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure. ... "
https://www.lse.co.uk/rns/ASHI/heads-of-terms-signed-2z1etekcmhfmp97.html
24th Aug 2023 7:00 am RNS Heads of Terms Signed for the Acquisition of Calon
""Heads of Terms Signed for the Acquisition of Calon Cardio-Technology Limited, subject to the Completion of the Reverse Takeover of Cell Therapy Limited
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, is pleased to announce it has entered into a non-binding heads of terms agreement with Calon Cardio-Technology Limited ("Calon"), to acquire 100% of the outstanding shares in Calon in an all-share transaction. The acquisition is subject to the completion of the proposed reverse takeover of Cell Therapy Limited ("CTL") ...
Following recent discussions, on 23 August 2023 Ashington entered a non-binding heads of terms agreement with Calon for the acquisition of 100% of the issued share capital of Calon for a purchase price of £39 million ..."
https://www.lse.co.uk/rns/ASHI/heads-of-terms-signed-for-the-acquisition-of-calon-uxanjn1i7k94bxu.html
"UK Primed to Become a Global Frontrunner in Battery Recycling
22/08/2023 Innovate UK
The UK has everything it needs to become a frontrunner in the global battery recycling industry but, to achieve this, there must be collaboration across industry, academia and government, according to a new report.
The 2035 UK Battery Recycling Industry Vision, from the Innovate UK KTN Cross-Sector Battery Systems Innovation Network, identifies key areas for research and innovation, policy and regulation, infrastructure and skills. It emphasises the need for sustainable battery recycling processes, safe and rapid discharging of packs, and access to a trained, skilled and diverse workforce to secure the UK’s supply of battery materials including cobalt and lithium, two critical minerals with limited global supply.
Not only would an excellent battery recycling ecosystem boost the security of critical minerals in the UK, but it would also attract investment from battery manufacturers, who will be keen to open up shop near battery recycling centres where skills, knowledge and materials are close and in abundant supply, according to the report.
But to make this vision a reality, policymakers and innovators must act now to ensure the industry thrives in the future.
Co-author of the report, Sheena Hindocha, Knowledge Transfer Manager at Innovate UK KTN, says, “Without going into the politics of supply monopolies, there’s already a finite amount of raw material to make batteries, and with over 450,000 tonnes of cell production predicted for 2040, we must act now to develop the end-of-life infrastructure required for this demand.”Co-author of the report, Nikoleta Piperidou, Knowledge Transfer Manager at Innovate UK KTN, adds “It’s well-known that EVs are going to play a key role in the UK’s race to net-zero by 2050. Collaboration is essential for success, from industry stakeholders and researchers, all the way to Government to develop the right strategy for the volume of EV batteries that are coming.”
The steps to UK battery recycling excellence outlined in the report include the need for standardised EV batteries and connections. At present, each EV car manufacturer has different battery cell designs, meaning the ability to discharge end-of-life packs is specialised. If they were standardised, end-of-life battery handling would be far simpler and safer, and could even be automated.
The infographic and its supportive report also call for clear and safe industry practice to combat the high cost and risk that transporting batteries currently present ...
To achieve this, robust infrastructure has been outlined as a crucial necessity to fully support the industry’s growth, without which could lead to the expensive and environmentally-damaging shipping of UK EV waste. ...
https://www.pandct.com/news/uk-primed-to-become-a-global-frontrunner-in-battery-recycling
ARA's interim results, for its half year ending 30th. June, should be announced soon - they were released on 7th. September last year.
And that should provide an update on progress, especially if no intended RTO deal has been unveiled before then.
Seems like a lot out there, so would be good to get an update from the BOD which one they decide to go with. We are quickly approaching the 2 year requirement.
GivEnergy is another impressive privately-held British energy storage and battery tech company, that could potentially RTO into ARA:-
"Empowering energy freedom for all
Cut your costs with smart green energy solutions. With GivEnergy technology, you can power your home or business cheaply and sustainably. Become part of a cleaner world."
https://givenergy.co.uk/
"Our journey so far
We’ve worked hard to achieve hyper-growth for GivEnergy, and that growth is reflected across our business achievements and our thriving product line."
https://givenergy.co.uk/our-story/
Travelcard,
Last year you recommended ARA as a "Buy" at 17p, and a "Strong Buy" at 13p:-
Travelcard Posts: 207 Price: 17.00 Buy
Interesting 11 Apr 2022 12:46
"Just stumbled across this shell. Looks interesting, unlike other shells in this space this one looks like it has a Board with sector investment and commercial experience. About to buy some."
Travelcard Posts: 207 Price: 14.50 No Opinion
RE: Looking for a potential Clean Energy Tech SPAC? Then think Aura 13 Apr 2022 18:54
"Agreed, that's why I like the look of this. It seems to me most SPACs are seeking to run renewable assets. Lots more opportunity in the supply chain. Decent BoD and knowledgable founding shareholder too."
Travelcard Posts: 207 Price: 13.00 Strong Buy
Reasons to buy sub 15p 27 Apr 2022 10:33
"Having read through the prospectus, I notice that the Directors are not being paid and will only receive any benefit should they complete a deal. I like this approach as too many shells have been ruined by Director fees and no deal being done. Moreover, these guys have warrants which are exercisable at 50% premium to the placing price. i.e 15p
I like the methodology here. Low cost base, i.e only the plc costs. To my mind it give investors a real chance of upside."
https://www.lse.co.uk/ShareChat.html?ShareTicker=ARA&share=Aura-Renew-Acq&page=6
Since then the investment case here has strengthened considerably:-
• We are about a year and a quarter closer to a deal.
• ARA's extremely low cash burn since listing has been RNSed.
• The valuations of RTO targets for shells have tended to become even more depressed.
And stock market conditions are still poor, tending to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like ARA.
So why complain about me recommending ARA as a "Strong Buy" at just 6.5p, a significant discount to its cash, and posting interesting, informative, & relevant research?
A "thank you" and "well done" would be far nicer, politer, and more appropriate ... perhaps accompanied by an apology for your own very duff initial recommendations here!
My only connection to the company is as a retail shareholder, and I've never even spoken to or otherwise communicated with them.
Did you buy high and sell low here, as you postings would suggest that?
Hedgehog, are you on the payroll here? Me thinks thou doth protest too much.......