Partnership with Altana Social Impact PartnershipSource: RNS
("Corcel" or the "Company")
Altana Social Impact Partnership Partners with Corcel plc
28 April 2022
Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, is pleased to announce signature of a Heads of Terms with a large-scale UK investment fund with a view to funding its current and future UK energy storage and generation projects. The Heads includes the award of an option for a direct investment by the same fund in Corcel's UK subsidiary which holds the portfolio of UK based energy generation and storage projects.
The Company is pleased to announce signature of a Heads of Terms defining a partnership with Altana Social Impact Partnership ("ASIP") to jointly fund and develop Corcel's UK energy storage and generation project pipeline, which currently includes a mix of battery energy storage and transitional energy generation projects at various stages of development. ASIP is a large UK based investment fund which invests across a range of asset classes with a social and ethical agenda.
Whilst the Corcel and ASIP partnership originated from the funding process for the two 50MW gas peaker projects at Avonmouth and Tring Road, the envisioned partnership is designed to be broader, potentially including multiple battery storage sites across the UK alongside other projects. Currently, discussions between Corcel, ASIP and the landlord at Avonmouth regarding exclusivity rights are continuing and due diligence is underway, the Company cautions that there can be no certainty at present that Corcel's rights to Avonmouth will be formally extended.
Alongside the funding relationship and with a view to participate in all future Corcel energy generation and storage projects, the Heads include that ASIP is also awarded an Option (the "Option") over 50% of Flexible Grid Solutions Limited (the Company's UK based subsidiary which owns the Company's portfolio of UK based energy generation and storage projects) for a total cost of £500,000. The Option will be valid for a period of three months. The Option is subject to detailed due diligence and ASIP's final Investment Committee approval. Upon execution of the Option, ASIP will be granted the right to nominate a board representative to Flexible Grid Solutions Limited as well as a right of first refusal to fund the first 250MW of FGS projects.
For further information, please contact:
Scott Kaintz 020 7747 9960 Corcel Plc CEO
James Joyce / Andrew de Andrade 0207 220 1666 WH Ireland Ltd NOMAD & Broker
Simon Woods 0207 3900 230 Vigo Communications IR
This announcement contains inside information under Article 7 of Regulation (EU) 596/2014.