3 Mar 2020 07:00
Regency Mines PLC
("Regency" or the "Company")
Flexible Grid Solutions
Submission of Grid Application at Southport
03 March 2020
Regency Mines Plc (LON: RGM), the battery metals and flexible grid solutions company, is pleased to confirm that the electricity grid application form (EREC G99) has been submitted at its first project in Southport.
Highlights:
o EREC G99 Grid Application Submitted, a critical milestone
o Financial Close Targeted for mid year
o Maiden revenues by end of 2020
Scott Kaintz, CEO, commented: "Application for the grid connection is a critical step forward towards financial close at our first project in Southport. With this key objective now completed, the Company remains on target for maiden revenues by end of 2020."
Grid Connection Application:
Working alongside inputs from ion Ventures Limited, the Company has now submitted EREC G99 form to Scottish Power Energy Networks. The submission of the G99 sets out the electricity connection details to ensure connection is properly designed and compliant with network requirements. The application form contains details of the planned generating units, including their specifications, and information on the proposed equipment to be associated with the site. The Company, following the application, expects to receive an offer for the connection which will specify the conditions, the type of connection approved as well as any associated connection charges.
As previously announced, the first Flexible Grid Solutions project is at a development site in Southport, near Liverpool, and will initially involve the installation of a gas fired "peaker plant" with 7.2MW generation capabilities. These plants ease pressure on power networks by levelling out imbalances in supply and demand, generating and selling electricity when prices are high. This will then be followed by up to 4MW installation of energy storage using containerised lithium ion batteries. This provides the site with the ability to both produce power when appropriate and store it for onward sale into the grid during periods of peak demand. The purchase of inexpensive power from the grid during off-peak times or when renewable production is higher than expected is also then possible through use of the battery installation.
For further information, please contact:
Scott Kaintz 020 7747 9960 Director Regency Mines Plc
Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited
This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.