Simec Atlantis Energy shares jump 19.36% to 1.85p on announcement of battery project milestone
Simec announced it has secured grid variations for its 230MW/460MWh battery energy storage system (BESS) project in Uskmout, and completed the novation of the grid connection agreement. The company said the project was on track to be operational by 2024.
Simec entered into an agreement with Energy Optimisation Solutions (EOS) and Quinbrook Infrastructure Partners (Quinbrook) for the project, which is one of the largest BESS deployments in the UK.
Following the novation of the grid connection, Simec received a £6m payment from UES as an interest-free loan. Planning permission is expected to be awarded in Q4 2022. A further £4m payment will be received on financial close of the project, scheduled for Q1 2023.
"Today's announcement is a key next step in delivering value from the Uskmouth site. We have made excellent progress in securing the necessary planning approvals and the project is on track to begin construction, as planned, next year. SAE has further land and infrastructure available at the Uskmouth site and is progressing further BESS projects and exploring other energy projects to deliver maximum value from the Uskmouth site for our stakeholders. SAE will continue to update the market as these initiatives progress", the company said.
Read today's update on energy storage.
East Imperial shares jump another 23.75% to 4.95p on landmark contract with Chinese distributor
East Imperial announced on 12 August the signing of a long-term distribution deal with Wen Hua Hang Wine Spirits Company (WHI), one of the largest distributors of alcoholic beverages in China. WHI will supply East Imperial's entire range across the Chinese Mainland and Macau.
Shares jumped 26.56% on the day of the announcement and have continued their upward trajectory since then, rising another 23.75% today. EISB shares are up 106% in the last month.
East Imperial already has an established presence in China, having worked locally with groups such as Ritz-Carlton, Bulgari, W Hotel, Rosewood, and Capella Hotels. The WHI partnership will enable East Imperial to continue building its presence at the luxury hotel end of the market, while also focusing on local premium customers, the company said.
East Imperial said the partnership with WHI was part of its tailored approach in China. The company said it has worked very closely with members of the WHI advisory board, to ensure it fully understands and can properly cater to the Chinese market.
Read our coverage of East Imperial's original announcement.
Bango shares rise 23.72% to 193p on acquisition of NTT DOCOMO's global payments business
Bango said it has acquired the global payments business of NTT DOCOMO (DOCOMO Digital). Bango said it funded the €4m (£3.44m) acquisition using existing cash. At completion, DOCOMO Digital had a cash balance of €3.1m (£2.66m).
In addition, Bango has signed a long-term platform deal with NTT DOCOMO to provide payment services in Japan.
Bango said the deal would bring an additional US$3.5b (£3b) per year of end user spend to the Bango platform. Revenue contribution from the acquisition is expected to be US$5m (£4.29m) in FY2022 and US$16m (£13.73m) in FY2023.
Paul Larbey, CEO, commented: "Acquiring DOCOMO Digital strengthens our position as a world leader in data-driven commerce. The decision by NTT DOCOMO to transfer its global payments business to Bango is a major endorsement of our technology in the fast-growing digital economy. Through the Bango Platform, telcos can leverage the universal appeal of the world's biggest online brands and digital merchants can immediately reach new customers. Both will benefit from data-driven insights, giving consumers greater access to goods and digital services."
Petroneft Resources shares fall 33.33% to 0.6p on Russian wells closure
Petroneft Resources said it was halting operations at its License 61 field in Tomsk Oblast, Russia after Nord Imperial suspended oil acceptance and transfer from the site.
Petroneft said it had been in discussions with Nord Imperial for several years trying to secure more market-standard rates as, without such, further investment in Licence 61 was hard to justify for the company. To date, these discussions have not resulted in any meaningful offer or agreement, the company said.
Petroneft said production from Licence 67 was unaffected by the situation, with the C-4 well continuing to produce at c. 270 BOPD.
David Sturt, CEO, commented:
"The contract with Nord Imperial for the transfer of our oil from Licence 61 is far above standard market rates, and we believe Nord Imperial has, for many years, been acting in a monopolistic manner, charging non-competitive tariff rates. The suspension of acceptance of our oil, whilst disappointing, will not change our determination to seek an equitable solution for both parties.
We will work hard with our partner (Oil India Limited) and Nord Imperial to resolve this issue as our priority is to protect the interests of our shareholders".