TIDMCCE
RNS Number : 6335A
Camco Clean Energy PLC
30 September 2015
RNS
30 September 2015
Camco Clean Energy plc
Roll-in of minority interests in Renewable Energy Dynamics
Holdings Limited
The board of Camco Clean Energy plc ("Camco" or the "Company")
is pleased to announce that it has reached an agreement to acquire
("Roll-In") the remaining shares it does not already own or control
in Renewable Energy Dynamics Holdings Limited ("REDH"), the joint
venture holding company for its REDT Energy Storage business
("REDT"), from Alchemy Projects Limited, AIB Seed Capital Fund LP
and Enterprise Ireland (together the "Vendors" and each a
"Vendor"). The consideration for the Roll-in is the issue to the
Vendors of, in aggregate, 125,681,940 new Camco ordinary shares of
EUR0.01 each (the "Consideration Shares").
Following the Roll-In, Camco will have effective voting control
over 100% of the shares in REDH and an economic interest in 90.0%
of REDH. In due course, Camco intends to seek to acquire the
remaining 10.0% economic interest in REDH which would be subject to
a separate transaction.
As part of the Roll-In, each of the Vendors has undertaken to
the Company that, save with prior written consent of the board of
the Company, they will not dispose of any of their respective
Consideration Shares for a period of 12 months.
Following completion of the Roll-In, the REDT Energy Storage
business will become the primary focus for Camco and, accordingly,
it is likely that in the near future it will seek the approval of
its shareholders to change the name of the Company to reflect this.
The Company will continue with its Africa Fund Advisory business
and will progress the ongoing strategic review of its remaining US
activities. Camco will fully consolidate the results of REDT into
its annual report and accounts.
REDT was established by the Camco group of companies as a
research project in 2001. Following research and development the
Vendors invested in the REDT business from 2009. During 2012, the
business proved the REDT technology and commenced prototype
trialling in the UK and Portugal.
REDT's patented technology is around the design of a stack for a
flow battery. Flow batteries have long been identified as an ideal
technology for medium to large scale long duration stationary
storage. Customer demand for this type of storage, which is largely
associated with diesel generator and renewable technology, is
unsatisfied as technology has not yet proven this storage can
deliver at an economic cost to the customer. The energy storage
market is forecast to be worth >$10bn by 2017, with 33% ($3.3bn)
of this market expected to be provided by vanadium flow batteries.
(Reference: Lux Research Inc. Reports, 2012 & 2013: "Global
Grid Storage market".)
REDT has focussed its efforts on first proving its flow battery
technology solution works. Successful prototyping has proven REDT's
core technology. REDT is currently launching its market seeding
units which is a strategic program to provide twelve customers with
its Gen1 commercial product across a series of applications
including utility, grid-tied wind, grid-tied solar, off-grid diesel
generator and telecommunication towers.
In parallel, REDT is, with its manufacturing partner Jabil Inc.
(NYSE:JBL), designing and sourcing materials for its Gen2 product,
which it will launch in 2016 to satisfy customer demand across its
proven market sectors.
In the year to 31 December 2013, REDH recorded a loss before tax
of EUR128,000 and had net assets of EUR2.0m. The shares being
acquired through the Roll-In represent 39.77% of REDH's issued
share capital.
Application has been made for 125,681,940 Consideration Shares
to be admitted to trading on AIM. Admission is expected to take
place on 5 October 2015.
Following completion of the Roll-In, the Company will have
378,817,053 ordinary shares of EUR0.01 each in issue. This figure
of 378,817,053 may be used by shareholders as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure and Transparency Rules.
Scott McGregor, CEO of Camco, said:
"The full consolidation of REDT into Camco allows the company to
focus entirely on its energy storage product and investors to
invest in an energy storage pure play as it enters the commercial
phase of its development.
Flow batteries are an exciting technology which has long been
predicted to satisfy a significant segment of the stationary energy
storage market.
I'd like personally to thank the many dedicated individuals over
REDT's 15 years of development thus far who have contributed to
getting REDT to this important stage of the company's growth where
it is now entering commercial product launch."
About Alchemy Projects Limited
Alchemy Projects is the 100% owned investment vehicle of Mr John
Ward. Alchemy Projects conducted its initial investment in REDH in
2009 and further seed rounds in 2011. John has been a board member
of REDH since 2009 and has been closely involved in the
commercialisation of the technology. He has a particular background
in the planning and construction of large scale renewable energy
facilities in Ireland and overseas. Having planned, built and
managed a number of grid connected wind and solar energy facilities
(over 100 MW), he identified energy storage as a key enabler of the
widespread deployment of renewables. One of his key areas of
expertise lies in the economic analysis of energy storage and
renewables.
About AIB Seed Capital Fund
The EUR53 million AIB Seed Capital Fund, headquartered in the
Republic of Ireland, was established in 2007 to provide venture
capital for companies at the seed and early stages of development.
It is one of the most active funds in the Irish market having
invested in 80 companies across a wide range of technology
sectors.
Dublin BIC co-manages the EUR53 million AIB Seed Capital Fund
and has over 20 years' experience leading, structuring and
participating in seed and early stage co-investments, and working
closely with companies on all aspects of strategy and scaling.
About Enterprise Ireland
Enterprise Ireland is the government organisation responsible
for the development and growth of Irish enterprises in world
markets. It works in partnership with Irish enterprises to help
them start, grow, innovate and win export sales on global markets.
In this way, they support sustainable economic growth, regional
development and secure employment.
Enquiries:
+44 (0)207 121
Camco Clean Energy 6100
Scott McGregor, Chief Executive Officer
Jonathan Marren, Chief Financial Officer
+44 (0)207 220
finnCap Ltd (Nominated Adviser and Broker) 0500
Julian Blunt (Corporate Finance)
Tony Quirke (Corporate Broking)
Newgate (Financial PR)
Tim Thompson
Helena Bogle +44 (0)207 653
Ed Treadwell 9850
About Camco Clean Energy
Camco Clean Energy plc (AIM: CCE) is a clean energy development
company which combines technical and commercial expertise to
finance, develop and operate renewable energy projects and storage
technology.
With 25 years' experience and an outstanding track record
throughout Asia, North America, Africa and Europe, Camco works with
local developers, governments, development banks, and private
investors to implement clean energy projects, policies, and
technologies and to reduce emissions.
In the last year, Camco has brought an advanced energy storage
technology to market (REDT energy), secured an investment advisory
fund mandate for African renewables, and developed utility scale
biogas plants in the US.
About REDT
REDT has developed a new and proprietary energy storage
technology which enables the efficient and sustainable storage of
electrical energy in liquid form. The multi-valent properties of
the Vanadium Redox electrolyte are used to provide a storage medium
of virtually unlimited life with a system able to last more than
10,000 deep charge/discharge cycles. Combined with its very low
maintenance requirements, REDT systems are able to deliver some of
the lowest Total Cost of Ownership (TCO) results in the industry.
Long discharge durations are achieved by the simple addition of
extra electrolyte capacity at a relatively low marginal cost.
Until now it has not been possible to directly compare variable
RE generation with firm diesel or fossil fuel generation. PV +
Storage is now reaching 'grid parity' in many countries, a paradigm
shift in energy production, which will ultimately enable the
complete displacement of conventional fossil fuel power with
renewable generation. The REDT system has applications in remote
power, smart grids, power quality, and all aspects of renewable
energy management.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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