RE: Good RNS26 Jul 2023 08:55
I'm an optimistic LTH who's now less pessimistic...
I waded through the report and paste below the comments in chronological order that I highlighted. Overall good news with challenges but also opportunities:
I am pleased to report that the Group is working well with Proteus on MeyGen 1A as
well as with regard to the potential tidal turbine supply for MeyGen 2.
Our ambition remains to deliver utility-scale tidal stream energy at the MeyGen site and we have been successful with our application for the next auction round, Application Round Five (AR5). The application window closed 24th April, with the sealed bid window open from 9th August 2023 to 15th August 2023. The results are expected sometime before 8th September 2023.
In May we were delighted to announce a 230MW battery storage project, which will be owned and operated by Quinbrook Infrastructure Partners and is due for completion in approximately 24 months. This project reached financial close during July 2023.We have recently signed a variation to this contract which could facilitate an additional 100MW of generation on the site.
We are working hard to finalise the details of a further 120 MW BESS project which is currently in the planning process, we hope to be able to provide further details on this in the coming months with a target of a favourable planning outcome in early 2024.
The opportunity to combine two of our core business areas is very exciting. Tidal energy is the most predictable source of renewable energy and what we are looking at is the co-location with BESS to deliver a real base load solution. There is an appetite in Government to see this type of energy solution developed, and we think the MeyGen site is the perfect location. We are working on a BESS project of 287 MW with a grid connection date of 2027, which will complement the tidal stream project. There is a lot of work being done to unlock this opportunity, but it represents the next step in our evolution.
Moore Stephens LLP have expressed their intention to resign and not seek re-appointment, although will stay in office until such time as a replacement auditor is appointed.
The above conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group’s and the Company’s ability to continue as a going concern.
Management’s forecasts through to 31 July 2024 anticipate revenues from trading will increasingly meet the working capital requirements of the Group.
Market evidence of the feasibility of monetising the rental income from the lease. At the date of approval of the financial statements, the Group has received an offer for consideration, and is targeting to finalise the transaction by the end of 2023.
NPA fuels: As of 31 December 2022, the directors have decided to dissolve the joint venture.
The Investor continues to hold 1,900,000 warrants with an exercise period of 36 months from the date of issue with an entitlement to subscri
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