Kibo Energy PLC Optimization Improvement to 1st SA WTE Project (9739M)
17 Enero 2023 - 3:15AM
UK Regulatory
TIDMKIBO
RNS Number : 9739M
Kibo Energy PLC
17 January 2023
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 January 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Announces Optimization Improvement Decision to first South
African Waste-to-Energy Project
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the
renewable-energy-focused development company, is pleased to
announce the Company's decision to potentially introduce an
additional revenue stream to its 2.7 MW plastic-to-syngas power
plant (the 'Project'), which sits within the 65%-owned Sustineri
Energy (Pty) Ltd, following the Company's previous announcement
dated 14 February 2022 . This potential new revenue stream involves
the production of synthetic oil from non-recyclable plastic waste
in addition to the production of electricity from syngas, which
promises significant added benefits to the Project.
It is expected that the addition of synthetic oil production
could significantly increase the Project's profitability and
provides the Company with the opportunity to potentially generate
revenue much earlier than initially projected. It also contributes
materially to de-risking the Project and will make the Project
significantly more attractive to a wider spectrum of interested
funders, thereby reducing the funding risk.
The Company has already determined the technical and commercial
viability of synthetic oil production through the current Project
design. It is now conducting a comprehensive integration study to
determine the full technical, operational and financial impact to
the Project in terms of construction, commissioning and, most
importantly, ultimate profitability and investment returns.
As a result of the decision to potentially introduce the
production of synthetic oil to the Project, the development of the
Project can then be executed in distinct Phases, with an expected
positive impact on the Project's funding requirements and its
ability to secure said financing. Phase 1 will include the
construction of the Plant to produce synthetic oil and will be
followed by Phase 2, when the electricity from syngas production
facility will be added. Phase 1 involves the installation of a
materials preparation system, a pyrolysis chamber and condensers
that will produce synthetic oil product(s). During the second
phase, the pyrolysis chamber temperature will be elevated to
produce syngas that will be fed to newly installed gas engines for
electricity generation. The principal design of Phases 1 and 2 will
remain the same, with only a few equipment additions during Phase
2. The final decision to proceed with the implementation of Phase
1, remains subject to the outcomes of the integration study
referred to above. Further to the 14 February 2022 announcement,
the Company will now complete the integration study and continue to
secure Financial Close with the Construction Phase to commence
shortly thereafter and will provide shareholders with a more
detailed update in due course.
Louis Coetzee, CEO and Acting Chairman of Kibo Energy, says:
'The potential introduction of this significant development to our
first South African waste-to-energy project has great potential for
investors, the Company and South Africa's highly challenging energy
sector. The phased approach to the Project will allow Kibo Energy
the opportunity to stay on-track with the project rollout but with
potentially significant value added to an already strong business
case. It will also ensure that the Company remains on course to
actively pursue the successful execution of its declared strategy
of advancing clean / renewable energy solutions.
'We eagerly await the results of the Project Integration Study
and look forward to updating the market on its progress.'
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
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser
Roland Cormish Limited
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Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
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Damon Heath +44 207 186 9952 Shard Capital Joint Broker
Partners LLP
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Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and Media
van Rijmenant Relations Consultant
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Johannesburg
17 January 2023
Designated Adviser
River Group
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END
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January 17, 2023 04:15 ET (09:15 GMT)
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