Chariot Ltd ended the last financial year on a strong footing. Following a successful $29.5 million funding round, the transitional energy specialist closed 2022 with $12.1 million in cash, no outstanding debts, and minimal work obligations.
Over the period, it achieved several notable milestones across its gas, power, and green hydrogen sectors.
In the gas division, the company successfully completed drilling at the Anchois project in Morocco and kick-started front-end engineering design.
At the same time, the power division inked an expanded alliance with Total Eren, adding over 500 MW to its pipeline.
It also diversified its portfolio with a stake in Etana Energy and a new renewable water production venture.
In the green hydrogen sector, Chariot executed a pre-feasibility study on Project Nour in Mauritania and formed partnerships for large-scale green hydrogen production in Morocco.
"As the importance of a successful energy transition builds across the world, Chariot continues to develop a business that spans key elements of the spectrum - natural gas, renewables and green hydrogen - each of which is likely to be a critical energy source of the future," said Chariot chief executive Adonis Pouroulis.
"Over the past year, we have delivered on a number of the core objectives we set for ourselves across our three pillars, bringing new, exciting and value-accretive opportunities into the business."
As is usual for a company investing growth, Chariot posted a loss after tax of $14.9 million for the 12 months ended December 31. The company remains steadfast in its commitment to providing reliable, sustainable energy sources in Africa and its ambition to be a global leader in the energy transition.