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Regency Mines to focus on battery metals as Parsons takes over

Snapshot

  • Focused on battery metals and flexible grid solutions
  • Present in North America, Papua New Guinea, UK
  • New management team led by former Sound Energy boss James Parsons
coal

Quick facts: Regency Mines PLC

Price: 2.725 GBX

LSE:RGM
Market: LSE
Market Cap: £2.45 m
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What it does

Regency Mines PLC (LON:RGM) is a natural resource and flexible energy listed company focused on battery metals and flexible grid solutions.

The AIM-listed firm also develops distributed power generation, grid management and trading services across the UK.

It owns 50% of the Mambare nickel-cobalt laterite project in Papua New Guinea and 50% in the Dempster Vanadium project in Canada. It also holds 8.9% in Curzon Energy PLC (LON:CZN), a US-focused natural gas developer.

 

How it is doing

The new year started with a rebranding of the ‘Energy Storage’ division to ‘Flexible Grid Solutions’.

The first project is located in Southport, near Liverpool, and it will see the installation of a gas-fired "peaker plant" capable of generating some 7.2 megawatts of power. Such plants are designed to ease pressure on power networks, rebalancing supply at times when demand drives high prices.

In December, industry veteran James Parsons took over as executive chairman, conducting a placing to raise £831,000.

Parsons’ part-owned C4 Energy vehicle was granted an option to acquire Regency's debt.

The company subsequently signed a partnership deal with ion Ventures Ltd, an investor in and developer of energy storage and flexibility assets, to partner on its existing pipeline of projects.

In the year to June, Regency posted a loss of £2.7mln after its legacy interests in coal and electric car rentals were written-off in the period. Impairments of £1.5mln in the year to June largely comprised its investment in Mining Equity Trust (2018: £1.55mln loss).      

 

What the boss says: Scott Kaintz, chief executive

"The Southport project is fully aligned with the decarbonisation of the economy, the power grid and associated distribution networks." 

"The project is also aligned with the requirement for flexible energy options to buttress an ever-increasing reliance on renewable power and the net zero emissions goal of the UK Government."

 

Video

 

Inflexion points

  • First revenues expected by year-end
  • Exploration at Mambare
  • Southport project kicks off

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Full interview: Regency Mines 'in the right place at the right time and with...

Regency Mines PLC's (LON:RGM) chief executive Scott Kaintz updates Proactive London's Andrew Scott on the firm's recent developments with its projects and board changes including the hiring of James Parsons as executive chairman. ''We come into work with a bit of a chip on our shoulders'',...

3 weeks, 5 days ago

2 min read