Kibo Energy PLC (LON:KIBO) shares nudged higher on Wednesday afternoon after the Africa-focused energy group signed a new collaboration agreement with US industrial tech giant General Electric.
The two will work together to develop Kibo’s portfolio of energy projects in Tanzania, Botswana and Mozambique, as well as to enhance its strategy of delivering power solutions that alleviate Africa's energy shortage.
READ: Kibo eyes revenue streams as it lines up UK investment
More specifically, GE will provide full technical for present and future power projects, work with Kibo to develop, create and facilitate new project opportunities, and provide technical and commercial advice to help Kibo secure power purchase agreements.
It will also work with Kibo to optimise the design of the projects and, perhaps most importantly, help the AIM-quoted firm to raise the necessary funds to implements those designs.
“The expansion of our agreement with GE is testament to both the quality of our projects and the strategy we are implementing in Africa to alleviate the acute energy deficit being experienced by many countries on the continent,” said chief executive Louis Coetzee.
“We have three active and live projects which all present opportunities to leverage this agreement and optimise their delivery.”
Kibo shares were up 2.8% to 4.6p.