Aura Renewable Acquisitions
plc
("Aura" or
"Company")
Annual
Results
8 April 2024 - Aura Renewable
Acquisitions plc, a UK-based company whose objective is to build
shareholder value by investing in the global renewable energy
supply chain, announces its results for the
year ended 31 December 2023.
The Company has continued to seek
suitable acquisition and investment targets while operating with
minimal overheads following its admission to the Standard Segment
of the Main Market of the London Stock Exchange in April 2022,
raising gross proceeds of £1,000,000 from a placing and
subscription. In the year to 31 December 2023, the Company incurred
a loss before taxation of £153,000 (2022: £236,000). At 31 December
2023, the Company retained cash resources of £661,000 (2022:
£809,000).
Aura was established to acquire then
act as the holding company for targeted businesses operating in the
Global Renewable Energy Sector Supply Chain, particularly
participants in the battery, 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.
During the year the board has met
and assessed potential acquisition targets in the UK and overseas
while maintaining close connections with potential business
introducers from within the Board's professional and business
networks. By reinforcing the board's intentions and objectives to
these potential introducers of opportunities, we have maintained a
pipeline of potentially significant targets and held early and
encouraging discussions with a number of companies in a range
of sectors and jurisdictions.
Internationally, governments and
policy makers continue to affirm their collective commitment to
reducing greenhouse gas emissions through the transition from
fossil fuels to renewable energy in order to limit climate change -
while seeking to balance energy sustainability, affordability and
security. By way of example:
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In March 2024 the United Nations
Framework Convention on Climate Change and the International Energy
Agency underlined their joint approach to addressing climate
change.
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As announced in November 2023, the
EU contributed €28.5 billion in climate finance from public sources
and mobilised a further €11.9 billion of private finance in 2022 to
support developing countries in reducing greenhouse gas emissions
and adapting to the impacts of climate change.
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The United States government remains
engaged in multiple sectors to meet its climate goals, its
Inflation Reduction Act delivering large emission reductions at
manageable cost.
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In the UK, the Electricity System
Operator emphasised the importance of wind power as it unveiled in
March 2024 a £58 billion investment in the electricity grid to
decarbonise power while meeting growing energy demand by
2035.
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On 27 March 2024 the UK electricity
regulator Ofgem announced a £3.4 billion funding package for a
proposed 2GW 'electricity superhighway' between Scotland and
Yorkshire, to help harness the potential of Britain's offshore
wind, powering up to 2 million homes.
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Also in March 2024, the UK
Government announced initiatives to improve energy market
efficiency, while further investments in renewable energy
transmission and distribution have been announced by both SP Energy
Networks and ScottishPower. Meanwhile, demand for both solar PV and
heat pump small-scale installations has risen
substantially.
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Against this highly positive
background, our investment horizon is wide within our chosen
sector, and we will continue to assess and qualify what we believe
to be value accretive opportunities wherever they arise. 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:
"The ongoing
economic and political uncertainty caused by supply chain issues,
inflation, interest rate rises, hostilities in Europe and further
afield, continued to restrict capital market activity during 2023.
However, early signs of interest rate reductions on the back of
lower inflation figures should have a positive impact on markets.
We remain confident that the renewable energy sector will offer
excellent opportunities for acquisitive and organic growth and are
committed to ensure that the Company and its stakeholders have the
chance to share in these opportunities. We believe our strategic
approach to finding the right transaction, while closely
controlling overheads will prove successful."
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
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John Croft (Non-Executive Chairman)
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07785 315588
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Robin Stevens (Non-Executive
Director)
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07787 112059
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Media enquiries
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Allerton Communications
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Peter Curtain
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020 3633 1730
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aurarenewables@allertoncomms.co.uk
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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.