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(Sharecast News) - Multi-asset energy firm Kibo Energy has continued to make "steady progress" across its portfolio of advanced power generation and mining projects across Sub-Saharan Africa and the UK.
Kibo said on Tuesday that it had utilised its established international relationships with key development partners to help advance its four current projects, which were directly positioned to address major energy issues in Africa and closer to home in the UK.
The AIM-listed group said it had taken "a longer-term view" and recently introduced renewable energy solutions into its strategy by signing a collaboration agreement with ESS Tech, a leader in the design, manufacture, supply and installation of long-duration energy storage technology.
"This is a major milestone, as it opens new avenues in terms of renewable co-generation with our coal power projects and provides us with a significant advantage over our competitors," said chairman Christian Schaffalitzky at the annual meeting.
Kibo said the Mabesekwa coal project in Botswana and the Benga pure energy project in Mozambique were both advancing, while its Mbeya coal-to-power asset in Tanzania was making headway after a disappointing start to the year.
"Looking ahead, as our projects advance and de-risk, I am certain that the disparity between our asset value and our market capitalisation will be recognised and corrected," said Schaffalitzky.
As of 0945 BST, Kibo shares had picked up 3.70% to 0.70p.
14 Apr 2025 08:16
IN BRIEF: Kibo Energy at "advanced" stage to assess potential projects
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says it it is at an "advanced" stage in its assessment of potential projects. Kibo is a cash shell and must acquire an asset in line with the reverse takeover rules of the AIM market in London. Its shares are suspended from trading on AIM from Monday as it hasn't met the six month deadline for this. The Johannesburg Stock Exchange has determined that there is no basis to suspend trading in Kibo's shares at this stage.
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