NCCL.L Share News (NCCL)

(Sharecast News) - Ncondezi Energy announced the appointment of Hanno Pengilly as a director and its new chief executive officer on Wednesday.
The AIM-traded firm said Pengilly had "considerable knowledge" in the power and mining sectors, on the back of his experience in the business over the last 10 years.

It said he joined the company in 2010, and has been its chief development officer since May 2012.

Pengilly had been responsible for managing key project milestones, including the delivery of the power plant and mine feasibility studies in 2013 and 2014.

Since May 2017, he had led the firm's strategic partner process - which successfully resulted in the signing of a binding joint development agreement in July of this year - and led the company in key negotiations with the Mozambique government and state power utility Electricidade de Moçambique.

"Hanno's appointment to the board as CEO is an important milestone in providing confidence for the company's future," said the firm's non-executive chairman Michael Haworth.

"The appointment outlines Hanno's commitment to the company and comes at an important time following the signing of the joint development agreement, and as the board implements its strategy to finalise the power tariff submission to EDM and move the Ncondezi Project forward."

Hanno Pengilly himself said that energy growth was "critically important" for Africa as a key catalyst for economic development.

"Ncondezi is uniquely positioned to take advantage of baseload power generation development in Mozambique at an important time for the country.

"I'm excited to be stepping into the role of CEO which represents a great opportunity to lead the company and create value for shareholders.

"The company's 300MW Ncondezi Project is one of the most advanced baseload power plant projects in Southern Africa with market leading co-development partners."

Additionally, Pengilly said it was "clear" that a "significant opportunity" existed to provide off-grid solutions in Africa.

"To this end, Ncondezi's developing position in the African captive solar and battery storage sector through the proposed Joint Venture with GridX Africa Development, offers a strategic approach to a new growth market.

"I look forward to meeting investors in my new position as CEO and am confident that we have the right team to complete our objectives and achieve meaningful results."