Kibo Energy PLC Update on Sustainable Energy Solutions Strategy (1126X)
25 August 2022 - 4:00PM
UK Regulatory
TIDMKIBO
RNS Number : 1126X
Kibo Energy PLC
25 August 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: 25 August 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Announces Progress Update as It Forges Ahead with
Sustainable Energy Solutions Strategy
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the
renewable-energy-focused development company, is pleased to
announce that it has initiated a process for Requests for Proposals
('RFPs') to investigate the feasibility of replacing fossil-fuel
(coal) with renewable biofuel, as mentioned in the Company's RNS
dated 27 May 2022. This follows an extensive review of the
Company's operations and assets wherein it determined to dispose of
all its coal assets (RNS dated 16 June 2021) while retaining the
associated energy (power) projects through its introduction of
innovative biofuel technology, on which the Company has been doing
extensive work in recent months.
Through the RFP process, Kibo intends to appoint an experienced
international biomass and biofuel consultant to determine the
economic and technical viability of utilising the specific biomass
(or bio-coal) technology, referred to above and in previous RNS's,
as a feasible fuel source at industrial scale, to fuel the
Company's existing and already developed utility scale power
projects. The feasibility studies will investigate whether
sufficient biomass can be sustainably (NOTE: sustainable =
economically, environmentally and socially viable) produced and
supplied as fuel for a 300 MW power plant over a 20 to 25-year
power purchase agreement ('PPA') period. The biofuel technology,
which will be the subject of the above referred investigation, has
already been subjected to extensive bench testing and has thus far
delivered positive results in all tests performed.
Louis Coetzee, CEO of Kibo Energy, says: "By undertaking this
evidence-based process, we believe we should be able to replace the
traditional coal-mining activity with a 100% renewable energy
source. Work completed to date indicates that our existing
coal-fired power plants can be easily adapted to accept the new
renewable fuel solution with only minor design changes on the
energy-generation side."
"Pilot plant and lab tests have shown very positive results in
terms of delivering bio-coal at a quality and quantity
specification that is comparable and, in most instances, better,
than typical fossil thermal coal. Should the full investigation
into the process of replacing coal with bio-coal deliver the
expected positive results, our existing coal-fired power plant
projects will be converted into renewable base-load energy projects
that are carbon neutral and in line with Kibo's sustainable,
renewable energy strategy."
**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
-------------------------------- ----------------------- ------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
/ Stephen Allen
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Zainab Slemang zainab@lifacommunications.co.za Lifa Communications Investor and Media
van Rijmenant Relations Consultant
-------------------------------- ----------------------- ------------------------
Johannesburg
25 August 2022
Corporate and Designated Adviser
River Group
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END
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