Kibo Energy PLC (LON:KIBO) told investors that it has signed a collaboration agreement with ESS Tech Inc for the development of electricity storage technology.
The company highlighted that the move is in line with its strategy of incorporating long-term renewable energy solutions into its existing coal power projects.
It opens new avenues for Kibo in terms of renewable co-generation, Kibo added.
"The inclusion of renewable energy into power station designs allows for higher availability figures from a technical point of view and provides better fundability options,” said chief executive Louis Coetzee.
READ: Kibo Energy results highlight ‘transformational’ progress
“With this in mind and given that storage capacity is an essential component of realising renewable energy in base-load applications, we are delighted to have access to ESS's technology.
“This opens new avenues for Kibo in terms of renewable co-generation with our coal power projects, an idea which is currently being developed for first application in the Benga power plant project, and ultimately provides us with a significant advantage over competitors.”
Coetzee added: “The addition of ESS to our partner team is a massive opportunity to establish the notion of co-located renewable and clean-burning fossil fuel base-load energy towards a single combined objective: sensible, sustainable, economic growth.
“ESS has a good understanding of the developing world; we are delighted to be working with its team and look forward to building a mutually beneficial relationship."
Kibo’s financial results for 2018, released earlier today, highlighted a period described by the company as a "transformational" year.