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Kibo Energy PLC - group with energy projects in Africa and UK - Enters into an exclusive agreement with Hasta Trust to jointly develop a portfolio of long duration energy storage projects held exclusively by National Broadband Solutions, which is owned by Hasta. The initial target is a 36,320 megawatt-hour capacity in South Africa.
Kibo will acquire a 51% interest in NBS in exchange for granting the company exclusive access to Kibo's strategic capabilities and capacity, in respect of long duration storage solutions. Kibo will also appoint three directors to the board of NBS, with Hasta appointing two directors.
Kibo says the agreement is a major step forward in its strategy to integrate long duration energy storage into its commercial project pipeline. It follows closing a framework agreement with CellCube to develop and deploy CellCube based long duration energy storage solutions in Southern Africa.
London stock price close: 0.15 pence
12-month change: down 40%
Johannesburg stock price close: ZAR0.06
12-month change: down 99%
By Artwell Dlamini; artwelldlamini@alliancenews.com
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