Last checked at 5 Apr 2023 07:00
Aura Renewable Acquisitions plc
("Aura" or "Company")
Annual Results
5 April 2023 - Aura Renewable Acquisitions plc, a UK-based company whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, is pleased to announce its maiden results for the period from the date of incorporation on 4 November 2021 through to 31 December 2022.
Aura was formed as a special-purpose acquisition company focusing on the Global Renewable Energy Sector Supply Chain, particularly on businesses in the wind, solar, biomass, hydropower, carbon capture, waste management, energy storage, smart grid and green hydrogen supply chain.
The Company raised gross proceeds of £1 million on admission to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange in April 2022. For the period ended 31 December 2022 the Company recorded a loss before taxation of £236,000, a significant part of which related to the expensed costs related to the listing. Our operating expenses are very closely controlled, and the directors do not draw income during this pre investment stage. As of 31 December 2022, the Company had bank balances of £809,000.
The Company continues to actively review potential acquisition targets at various stages of development and operating in a number of geographic regions, all of which have potential global relevance. We also continue to take soundings from the investor community to thereby best fit investment appetite with the opportunities available.
National governments have recently shown a common resolve to reflect the need to focus on sustainable renewable energy, including the scale up of affordable, clean, homegrown power to provide long term energy security in the UK, investment incentives to speed the transition to low-carbon economy in the US through the Inflation Reduction Act, and C$80 bn of tax credits over 10 years for clean technology and clean electricity in Canada.
Our investment horizon is relatively wide within our chosen sector, and we will continue to assess and qualify what we believe to be value accretive opportunities in the UK and overseas. When our ongoing evaluation and investigation result in the potential for a transaction, the Company will give the market appropriate notice.
John Croft, the Chairman of Aura commented:
"Since listing, Aura has been exploring targets in the UK and overseas which could provide an opportunity to create significant growth in this crucially important, exciting and fast-moving market sector. We have also consulted with the Board's professional and business networks to raise the Company's profile and reinforce its intentions and objectives to these potential introducers of opportunities, as a result of which we have held early discussions with a number of potential target companies for acquisition.
"The widespread economic and political uncertainty caused by supply chain issues, inflation, interest rate rises, hostilities in Europe and further afield, the lingering impact of Covid and climate change, restricted capital market activity during 2022. However, there are early signs that capital market transactions may be beginning to resurface, and we remain more confident than ever that the renewable energy sector will offer excellent opportunities for acquisitive and organic growth. We are committed to ensure that the Company and its stakeholders have the chance to share in these opportunities."
Publication on website
A copy of this announcement is also available on the Company's website at http://www.aurarenewables.com.
Enquiries
Aura Renewable Acquisitions Plc
John Croft (Non-Executive Chairman) | 07785 315588 |
Robin Stevens (Non-Executive Director) | 07787 112059 |
Media enquiries
Allerton Communications | |
Peter Curtain | 020 3633 1730 |
aurarenewables@allertoncomms.co.uk |
LEI: 894500XA241IB9HL7147
Notes to Editors
Aura was established to acquire and then act as the holding company for targeted businesses operating in the Global Renewable Energy Sector Supply Chain, particularly participants in the wind, solar, biomass, hydropower, carbon capture, waste management, smart grids and green hydrogen supply chain, and their sub-sectors. These potential targets could range from raw materials resourcing to power generation, energy storage and recycling.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.