Mike Ralston, CEO of Blencowe Resources (BRES) and Manuel Pablo Zúñiga-Pflücker, President and CEO of PetroTal (PTAL) will be presenting and taking live Q&A at focusIR's Investor Webinar on Tuesday 25th February. Please register here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksKibo Energy Share News (KIBO)

Share Price Information for Kibo Energy (KIBO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.008
Bid: 0.007
Ask: 0.009
Change: 0.00 (0.00%)
Spread: 0.002 (28.571%)
Open: 0.008
High: 0.00
Low: 0.00
Prev. Close: 0.008
KIBO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Kibo Energy acquires UK waste to energy project for GBP600,000

Wed, 21st Sep 2022 14:01

(Alliance News) - Kibo Energy PLC on Wednesday said it has agreed to acquire an advanced UK waste to energy project based in Southport, England.

The Galway, Ireland-based energy company with projects in Africa and UK will acquire all the share capital of Shankley Biogas Ltd, which is developing the project, for GBP600,000. Of that, GBP350,000 will be payable as shares in Kibo, while GBP250,000 will be paid in cash over various dates.

The Southport power plant comprises an 80,000 tonne waste-reception centre with anaerobic digestion technology set to produce 5.5 million metres cubed of bio-methane per annum. The bio-methane will, in turn, be exported to the UK's national gas grid network

Project rights incorporated in the acquisition include all technology licence agreements, equipment supply and maintenance agreements and related project documentation.

Shankley Biogas has already negotiated a power purchase agreement and a gas purchase agreement on favourable terms with a blue-chip company, Kibo noted.

Before Wednesday, EQTEC PLC, the Cork, Ireland-based gasification company focused on turning waste into sustainable energy, had a legal requirement to purchase Shankley Biogas.

However, on Wednesday EQTEC agreed with Rotunda Group Ltd, which owns Shankley Biogas, to absolve itself from its requirement to purchase Shankley Biogas. This enabled Kibo to purchase it instead. The agreement also secured EQTEC's right to develop phase two of the Southport project through a newly-created subsidiary, EQTEC Southport H2 MDC Ltd.

Phase two of the project is intended to incorporate EQTEC synthetic gas technology to help turn refuse derived fuel created in phase one of the project into hydrogen.

Kibo Chief Executive Officer Louis Coetzee said: "We believe this opportunity supports our strategic intent to significantly advance and accelerate the development of the company's renewable energy portfolio in the UK.

"The project further deliberately and actively drives Kibo's transition from fossil fuel-based energy solutions to sustainable renewable energy solutions and will now bring our waste-to-energy portfolio to an aggregate of around 140,000 megawatt hours per annum, with this entire capacity expected to go into production over the next 12 to 18 months," Coetzee said.

EQTEC Chief Executive Officer David Palumbo said: "The Southport project continues to be an exciting one, and we are pleased to have found, with our development partners, a way to focus and drive greater pace toward full funding and financial close. We renew our commitment to engage owner-operators and funders toward making the project a reality through the Build phase and into Operation.

"We are also happy to formally focus EQTEC's role on our core capabilities of technology development and engineering, with a degree of broader project development as required to support the project. Not only does this release us from capital investment commitments that come with sustained SPV ownership, but it accelerates progress with our business strategy, toward becoming exclusively a technology innovator and licensor."

Shares in Kibo were trading 1.5% higher at 0.17 pence, while EQTEC shares were trading 0.4% lower at 0.42 pence in London on Wednesday afternoon.

By Chris Dorrell; chrisdorrell@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
24 Dec 2024 10:22

AIM WINNERS & LOSERS: Kooth wins USD1.5 million deal, plans buyback

(Alliance News) - The following stocks are the leading risers and fallers on AIM on Tuesday.

Read more
24 Dec 2024 09:35

Kibo Energy suspension on AIM lifted as interim loss shrinks

(Alliance News) - Kibo Energy PLC on Tuesday returned to the London Stock Exchange's AIM after suspension as the cash shell recorded a narrowed loss following an "extensive" restructuring.

Read more
23 Dec 2024 14:31

Kibo Energy expects AIM return after releasing 2023 financial books

(Alliance News) - Kibo Energy PLC said on Monday it expects the suspension of its shares to be lifted now that it has released its financial results.

Read more
3 Dec 2024 10:26

Kibo Energy secures loan after terminating reverse takeover attempt

(Alliance News) - Kibo Energy PLC on Tuesday said it has terminated its bid to acquire a portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million, citing time constraints.

Read more
11 Oct 2024 13:33

IN BRIEF: Kibo Energy shareholders okay acquisition of green projects

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says its shareholders have approved its proposed acquisition of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million. Kibo asked its shareholders to vote on the deal at an extraordinary general meeting on Friday.

Read more
4 Oct 2024 15:58

UK shareholder meetings calendar - next 7 days

Read more
1 Oct 2024 08:57

IN BRIEF: Kibo Energy sells Mast Energy stake to partially settle loan

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Sells remaining 19.5% interest in Mast Energy Developments PLC to shareholder and creditor RiverFort Global Opportunities PCC Ltd to partially settle a loan of GBP462,871. Sells 83.2 million Mast shares for GBP120,074, 0.14 pence per share, reducing the outstanding balance on the RiverFort loan to GBP342,797. RiverFort owns around a 3.3% shareholding in Kibo.

Read more
19 Sep 2024 15:47

IN BRIEF: Kibo Energy signs agreement to sell Cyprus unit Kibo Mining

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Signs an agreement to dispose of its wholly owned Cyprus subsidiary Kibo Mining (Cyprus) Ltd. This disposal is one of the conditions after Kibo agreed to acquire a diverse portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million, or around ZAR7.86 billion. Says it will seek shareholder approval for the disposal at a general meeting.

Read more
16 Sep 2024 14:11

Kibo Energy agrees to acquire green projects for EUR400 million

(Alliance News) - Kibo Energy PLC said on Monday it has inked a binding term sheet to acquire a diverse portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million, or around ZAR7.86 billion.

Read more
12 Sep 2024 11:29

IN BRIEF: Mast Energy first refurbished genset lifts revenue in July

Mast Energy Developments PLC - developer of reserve power generation plants - Reports that first refurbished 2.7-megawatt generator set, or genset, at its Pyebridge flexible power plant generated revenue amounting to GBP66,000 in July, up 16% from GBP57,000 previously reported following receipt of imbedded benefits. Preliminary revenue for August is GBP46,000 before receipt of imbedded benefits.

Read more
30 Aug 2024 10:42

Mast Energy interim loss shrinks amid refurbishment at power plant

(Alliance News) - Mast Energy Developments PLC reported on Friday that it reduced its interim loss as the company carried out maintenance and refurbishment at its Pyebridge power plant.

Read more
23 Aug 2024 20:42

FTSE Russell to remove certain companies on suspension of dealing rule

(Alliance News) - FTSE Russell on Friday said a number of companies will be removed from the FTSE Russell Index after being suspended for 40 business days without an indication of resumption.

Read more
20 Aug 2024 10:35

IN BRIEF: Kibo unit Mast Energy starts to revamp second generator set

Mast Energy Developments PLC - developer of reserve power generation plants - Starts to refurbish its second generator set, or genset, at its Pyebridge flexible power plant in Derbyshire, England. Says RiverFort Global Opportunities PCC Ltd has agreed to provide GBP1.1 million to fund this second genset overhaul, as part of a third advance against the project finance agreement. In February, RiverFort committed to an initial funding facility up to GBP4.0 million.

Read more
7 Aug 2024 13:48

IN BRIEF: Mast Energy shares rally as new generator set earns revenue

Mast Energy Developments PLC - developer of reserve power generation plants - Says its first refurbished generator set, or genset, achieves GBP56,689 in revenue in first month of its operation at its Pyebridge flexible power plant in Derbyshire, England. The refurbished genset started commercial operation on July 1. Mast says it has carefully monitored the refurbished genset to ensure optimal performance.

Read more
6 Aug 2024 08:33

IN BRIEF: Kibo Energy completes share placing; Williams has 28% stake

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Converts GBP263,334 of debt into equity at a 0.0084 pence per share. Of this, Non-Executive Director Clive Roberts is issued 1.62 billion shares for a GBP136,088 loan. In addition, former CEO Louis Coetzee converts GBP243,244 in outstanding remuneration to shares at the same price.

Read more

Free Investment Tools

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.