KIBO Kibo Energy Plc

TIDMKIBO

RNS Number : 5948R

Kibo Energy PLC

07 July 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: 07 July 2022

Kibo Energy PLC ('Kibo' or the 'Company')

Kibo Reaches Critical Strategic Milestone in CellCube Framework Agreement towards Implementation of Long Duration Energy Storage Solutions in Southern Africa

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy focused development company, is pleased to announce that it has successfully achieved its first major Framework Agreement ('FA') target, by placing the first commitment, to purchase the first two proof of concept ('POC') projects, as announced in the Company's RNS dated 17 May 2022.

These projects relate to its signed strategic five-year FA with CellCube to deploy long-duration energy storage in Southern Africa. The FA envisages the deployment of c.1 Gigawatt of Long Duration Energy Storage in Southern Africa over the next five years. Kibo placed the commitment to purchase via its 51%-owned subsidiary National Broadband Solutions ('NBS'), for two (2) CellCube FB 250 - 1000 Vanadium Redox Flow Batteries as part of its initial stage of the FA.

Louis Coetzee, CEO at Kibo Energy, says: "We are very pleased with this major next step forward in the fast track roll out of the Company's renewable / clean energy strategy. The Company is at the moment completely focused on getting the various projects in its current portfolio past financial close and into production within the next 18 months as previously stated. As part of this drive, the Company is focusing all its resources on operational matters and project delivery and will attend to certain non-essential corporate activities, like the previously announced planned share capital consolidation, at a later stage in the future if still deemed necessary at such a time.

We look forward to updating the market on further progress and developments of the various exciting projects currently under development."

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

For further information please visit www.kibo.energy or contact:

 
 Louis Coetzee      info@kibo.energy                  Kibo Energy           Chief Executive 
                                                       PLC                   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         Joint Broker 
                                                       Partners LLP 
                   --------------------------------  --------------------  ----------------- 
 Bhavesh Patel      +44 20 3440 6800                  RFC Ambrian           NOMAD on AIM 
  / Stephen Allen                                      Ltd 
                   --------------------------------  --------------------  ----------------- 
 Zainab Slemang     zainab@lifacommunications.co.za   Lifa Communications   Investor and 
  van Rijmenant                                                              Media Relations 
                                                                             Consultant 
                   --------------------------------  --------------------  ----------------- 
 

Johannesburg

07 July 2022

Corporate and Designated Adviser

River Group

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END

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(END) Dow Jones Newswires

July 07, 2022 02:00 ET (06:00 GMT)

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