What it does
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 2019, 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 2019, 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).
In April the company announced that it had taken over the debt on a major nickel project near its Mambare property, in the Wowo gap in Papua New Guinea.
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."
- First revenues expected by year-end
- Exploration at Mambare
- Southport project kicks off