Kibo Energy PLC ESS Inc.
19 October 2021 - 05:00PM
RNS Non-Regulatory
TIDMKIBO
Kibo Energy PLC
19 October 2021
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: 19 October 2021
Kibo Energy PLC ('Kibo' or the 'Company')
ESS Inc.
Kibo Energy PLC, the multi-asset energy development company,
notes that ESS Tech, Inc. ("ESS" or "ESS Inc."), a U.S.
manufacturer of long-duration batteries for commercial and
utility-scale energy storage applications, with whom the Company
has a strategic collaboration agreement, has completed its
previously announced business combination with publicly traded
special purpose acquisition company, ACON S2 Acquisition Corp.
("ACON S2"), resulting in ESS becoming a publicly listed company.
The combined company retains the ESS Tech, Inc. name and its shares
and warrants have commenced trading on the New York Stock Exchange
("NYSE") under the new ticker symbols "GWH" and "GWH.W",
respectively. The closing of the transaction brought in more than
US$300 million for ESS to scale its manufacturing capabilities to
meet growing global demand for long-duration energy storage which
supports the global transition to clean, renewable energy.
Kibo signed a collaboration agreement with ESS Inc. on June 18,
2019 (RNS 24 June 2019)
For details regarding ESS' business combination, please read the
ESS announcement at
https://essinc.com/ess-inc-and-acon-s2-acquisition-corp-announce-closing-of-business-combination/
Louis Coetzee, CEO of KIBO said: "The announcement by ESS is
exciting news and of significant strategic importance to Kibo. When
we added ESS to our strategic partnership network in 2019, we were
in the process of shaping our strategy to focus on Renewable Energy
and the intent with the Collaboration Agreement was to add a truly
innovative and strategic component to our business model. The
latest developments at ESS will add further momentum to Kibo's
recent decision to specifically focus on sustainable renewable /
clean energy projects with a 12-to-18-month time horizon to first
production"
About ESS Inc.
ESS Inc. (NYSE: GWH) designs, builds and deploys environmentally
sustainable, low-cost, iron flow batteries for long-duration
commercial and utility-scale energy storage applications requiring
from 4 to 12 hours of flexible energy capacity. The Energy
Warehouse(TM) and Energy Center(TM) use earth-abundant iron, salt,
and water for the electrolyte, resulting in an environmentally
benign, long-life energy storage solution for the world's renewable
energy infrastructure. Established in 2011, ESS Inc. enables
project developers, utilities, and commercial and industrial
facility owners to make the transition to more flexible
non-lithium-ion storage that is better suited for the grid and the
environment. For more information, visit www.essinc.com.
**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 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 Broker
---------------------------- ------------------- -----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
/ Stephen
Allen
---------------------------- ------------------- -----------------------------
Isabel de info@stbridespartners.co.uk St Brides Partners Investor and Media
Salis / Oonagh Ltd Relations Adviser
Reidy
---------------------------- ------------------- -----------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Johannesburg
19 October 2021
Corporate and Designated Adviser
River Group
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