(Alliance News) - Regency Mines PLC on Friday said it is rebranding its Energy Storage division as "Flexible Grid Solutions" and has obtained board approval to go ahead with its first project.
Shares in Regency Mines were up 4.4% at 2.95 pence in London in afternoon trading.
Battery metals and energy storage firm Regency said the first project, located in Southport, has been approves for progression to the mid-year financial close. Estimated project costs will be covered through "existing cash resources".
Maiden revenue from the project - which involves first installing a gas fired "peaker plant" with generation capabilities of 7.2 megawatts - is expected by 2020 end, and Regency's local planning authority and SEC 11 megawatt grid application is currently in progress.
So called "peaker pants" are intended to ease pressure on power networks through the levelling out of supply and demand, only generating and selling electricity when the price is high. An up to 4 megawatt energy storage installation will follow, letting the site produce and then store power for sale when demand is high.
According to Regency, which has its headquarters in London, the rebranding is intended to "reflect the breadth of activity involved in supporting the transition from centralised large scale fossil fuel intensive plants to smaller distributed sites with flexibility to switch on and off as required, often buttressed by battery installations".
By Anna Farley; annafarley@alliancenews.com
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