18 March
2024
Chariot
Limited
("Chariot" or "the Company"
or the "Group")
Strategic Review of
Transitional Power Division
Chariot Limited (AIM: CHAR), the
Africa focused transitional energy group, announces that following
detailed discussions with the Board, management, and advisors, it
is undertaking a strategic review of Chariot's Transitional Power
division ("Transitional Power"). Transitional Power
focuses on providing sustainable power and water
solutions in Africa, which includes renewable energy generation
projects and electricity trading.
Since 2020, Chariot has built a
transitional energy group spanning natural gas, renewables, and
green hydrogen. As these divisions have grown, they have
increasingly attracted different pools of capital and Transitional
Power, which is now focused on the South African energy market,
requires funding in the near and medium term to fulfil its
potential. Management has been progressing debt and equity
financing options at the subsidiary level and has received
indications of potential interest from South Africa focused
investors to fund the Transitional Power business. Whilst there is
no certainty that a funding package will be concluded, management
has elected to undertake this review to explore the options
available to the Company, which may involve a full or partial sale or demerger of the Transitional Power
business or the division remaining part of the Chariot group, with
the aim of the strategic review to maximise
value for Chariot's shareholders.
Chariot's Green Hydrogen division
will remain part of the Group and management continues to progress
financing options at the subsidiary level.
Whilst there is no guarantee that
this strategic review will result in a transaction, management will
continue to consider all options and the Company will provide
further updates as required.
Adonis Pouroulis, CEO of Chariot:
"I
am very proud of our work across our Transitional Power division
and wider business over the past three years. In light of the
impending funding requirements needed to deliver projects from the
portfolio, we believe that launching this strategic review is in
the best interests of all stakeholders as we look to realise value
from this division whilst enabling it to continue its ongoing
growth and development.
This review comes at a time of renewed focus on our near-term
natural gas development assets in Morocco with the medium-term
ambition of returning capital to shareholders from gas
revenues."
Enquiries
|
Chariot Limited
Adonis Pouroulis, CEO
Julian Maurice-Williams,
CFO
|
+44 (0)20 7318 0450
|
|
Cavendish Capital Markets Limited (Nomad and Joint Broker)
Derrick Lee, Adam Rae
|
+44 (0)131
220 9778
|
|
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart, Ashton
Clanfield
|
+44 (0) 20 7710 7760
|
|
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea
|
+44 (0) 20
7770 6424
|
NOTES FOR EDITORS:
About Chariot
Chariot is an Africa focused
transitional energy group with three business streams, Transitional
Gas, Transitional Power and Green Hydrogen.
Chariot Transitional Gas is focused
on high value, low risk gas development projects in Morocco, a
fast-growing emerging economy, with a clear route to early
monetisation, delivery of free cashflow and material exploration
upside.
Chariot Transitional Power is
focused on providing competitive, sustainable and reliable energy
and water solutions across the continent through building,
generating and trading renewable power.
Chariot Green Hydrogen is partnering
with TEH2 (80% owned by TotalEnergies, 20% by the EREN Group) and
the Government of Mauritania on the potential development of a 10GW
green hydrogen project, Project Nour in Mauritania, and are
progressing pilot projects in Morocco.
The ordinary shares of Chariot
Limited are admitted to trading on the AIM under the symbol
'CHAR'.