Scirocco Energy PLC (AIM:SCIR) chair Alastair Ferguson told investors he is delighted to see the company’s progress in its new investing strategy, which focusses on sustainable energy and circular economy.
The company, in its interim results statement, provided commentary on its ongoing transition and highlighted milestones in its strategy, especially its investment in Energy Acquisitions Group Ltd (EAG) a vehicle with a pipeline of opportunities in the anaerobic digestion sustainable energy sector.
EAG is presently advancing its first investment with a project in Northern Ireland that will have 0.5 megawatts of capacity through a process that creates biogas to be used in power generation.
“Scirocco is itself in transition and I was delighted to see the company taking the first concrete steps under the new investment policy with its investment in EAG.
“Although a small initial investment this is strategically very significant as it creates a platform for a series of acquisitions,”
Ferguson added: “With the pivot to investment in assets within the sustainable energy and circular economy we have set out our stall that we intend to recycle value delivered from Scirocco's legacy assets to fund new investment.
“The funding of the initial investment in EAG predominantly from proceeds delivered by the sale of Helium One shares is an excellent demonstration of this. From a funding perspective, we were also pleased to see continued support from Prolific Basins with the extension and amendment of the facility.”