Kibo Energy makes 'steady progress' across portfolio

Kibo said on Tuesday that it had utilised its established international relationships with key development partners to help advance its four current projects, which were directly positioned to address major energy issues in Africa and closer to home in the UK.

The AIM-listed group said it had taken "a longer-term view" and recently introduced renewable energy solutions into its strategy by signing a collaboration agreement with ESS Tech, a leader in the design, manufacture, supply and installation of long-duration energy storage technology.

"This is a major milestone, as it opens new avenues in terms of renewable co-generation with our coal power projects and provides us with a significant advantage over our competitors," said chairman Christian Schaffalitzky at the annual meeting.

Kibo said the Mabesekwa coal project in Botswana and the Benga pure energy project in Mozambique were both advancing, while its Mbeya coal-to-power asset in Tanzania was making headway after a disappointing start to the year.

"Looking ahead, as our projects advance and de-risk, I am certain that the disparity between our asset value and our market capitalisation will be recognised and corrected," said Schaffalitzky.

As of 0945 BST, Kibo shares had picked up 3.70% to 0.70p.