TIDMKIBO
RNS Number : 6891L
Kibo Energy PLC
17 May 2022
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 17 May 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Signs Strategic Five-Year Framework Agreement to deploy at
least 1 Gigawatt of Long Duration Energy Storage in Southern
Africa
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy
focused development company, is pleased to announce that it has
signed a rolling 5-year Framework Agreement ("FA") with Enerox GmbH
('CellCube'), to develop and deploy CellCube based Long Duration
Energy Storage ("LDES") solutions in selected target sectors in
Southern Africa. Under the Agreement Kibo has been granted
conditional exclusive rights, subject to successful Proof of
Concepts ("PoC"), to the marketing, sales, configuration and
delivery of CellCube's vanadium redox flow batteries ("VRFB") in
the development of its LDES solutions in microgrid applications
behind the meter. For any utility scale projects the parties will
work on a non-exclusive basis.
The FA will be rolled out within an operational concept and aim,
consisting of an initial stage focused at planning, preparation and
the delivery of at least two POC Projects and a continuous
production stage, focused on the delivery of a commonly agreed
project pipeline which is expected to exceed at least 1 Gigawatt
over the course of the 5-year term.
Highlights
-- Kibo has been granted selective exclusive rights for
marketing, sales, configuration and delivery within targeted
Southern African Development Community (SADC) countries, focused on
specified target sectors and behind the meter installations, and
within a commonly agreed project pipeline, subject to specific
milestones being achieved by both parties including the delivery of
the Proof of Concepts.
-- Kibo intend to develop an order pipeline with firm annual
commitments from its already existing project pipeline of up to
21,200 installations, ranging from small scale 40kWh to larger
2,000kWh systems per installation, in target sectors consisting of
ICT towers, gated communities, shopping centres and commercial
parks. In addition, the parties will also review an already
identified bespoke renewable energy microgrid project pipeline.
-- Specified POC projects in relation to the agreed target
sectors and areas are to be ordered by June 30, 2022.
-- Kibo will establish and maintain the capability and capacity
to act as a project developer and an integrator of the CellCube
solutions, subject to audit and certification by CellCube.
-- At any future time that CellCube may establish a local
assembly line, Kibo has been granted a first right of refusal to
any production output delivering CellCube core components or
CellCube technology within the target region as long as firm order
commitments are made by Kibo.
Louis Coetzee, CEO of Kibo Energy, commented: "As Kibo is
aggressively rolling out its Sustainable and Renewable Energy
Strategy, we are delighted to announce this dynamic arrangement
with a leading flow battery producer. The development of a large
project pipeline ready for immediate execution is the main pivot on
which the FA hinges.
Being able to draw upon the expertise and proven products of
CellCube will fill a mission - critical gap in the Kibo value
proposition. In this regard, we are proud to have entered into this
partnership, thereby positioning Kibo in a unique position to
explore its pipeline of energy storage projects in cooperation with
a technology and market leader in future-proof storage solutions.
We look forward to working with CellCube in this regard.
The growing energy market in SADC and particularly the energy
starved South Africa, makes the case for energy storage more
viable."
Alexander Schoenfeldt, CEO of CellCube, commented: "We are
executing on our strategic view with a value proposition aligned to
identified partners in our core regions of activity, for which
South Africa is key. It is exciting to see that the time has come
that Vanadium Redox Flow Batteries are able to address a
Gigawatt-sized pipeline. Kibo has shown that it understands the
LDES space and the activity that is needed to unlock value in the
nascent Long-duration vanadium redox-flow application. CellCube
offers a bankable product and we are well positioned and look
forward to building on these initial steps with Kibo, to realising
a Vanadium based energy storage vision for the region"
About CellCube
Under its trademark 'CellCube' the Austrian based Enerox GmbH
develops, manufactures and distributes vanadium redox flow
batteries. VRFB's are sustainable, long-duration energy storage
systems, improving and securing the consumption of energy from
renewable sources. CellCube is a developing pioneer, and the global
technology and industry leader in its field of operation. The
bankable VRFB systems suite various microgrid applications
alongside four focussed business segments: renewable energy storage
for industrial customers, commercial deployment, green energy
storage for remote microgrids and island solutions as well as
long-term back-up systems for green and critical infrastructure
facilities. CellCube systems are currently operating in over 130
sites on the planet. www.cellcube.com
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
----------------------------- ---------------------- ----------------------------
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Joint Broker
----------------------------- ---------------------- ----------------------------
Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
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Bhavesh Patel +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
/ Stephen
Allen
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Sewela Makgolane sewela@lifacommunications.com Lifa Communications Investor and Media Relations
Adviser
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Johannesburg
17 May 2022
Corporate and Designated Adviser
River Group
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