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Kibo Energy inks collaboration for renewable energy storage

"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,” Louis Coetzee said.

renewable power
It opens up the possibility of renewable energy co-generation

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.

Quick facts: Kibo Energy PLC

Price: 0.225 GBX

LSE:KIBO
Market: LSE
Market Cap: £3.18 m
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