Coro Energy PLC ion Ventures Update, Research & Investor Event
14 Dicembre 2020 - 8:00AM
RNS Non-Regulatory
TIDMCORO
Coro Energy PLC
14 December 2020
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14 December 2020
Coro Energy plc
("Coro" or the "Company")
ion Ventures Update
Upcoming Initiation of Research Coverage and Investor Event
ion Ventures Update
Coro Energy plc, the South East Asian energy company focused,
notes the press release issued today by ion Ventures Holdings
Limited ("ion" or "ion Ventures"), in which the Company holds a
20.3% interest. ion Ventures is a modern utility and energy storage
infrastructure developer with a project pipeline of 300MW under
development across South East Asia and the UK & Ireland.
ion were recently invited to support the British Embassy in
Jakarta and the UK Department of International Trade at the 9(th)
Indonesian Renewable Energy Summit, Indo EBTKE ConEx, which was
held virtually in late November 2020. ion's Co-Founder, Dan Taylor,
presented at the conference on modern energy systems and the use of
energy storage across Indonesia.
Following this successful event, ion has today confirmed that it
has entered into a non-binding memorandum of understanding ("MOU")
with PT Inovasi, an Indonesian social enterprise with a portfolio
of rural and off-grid energy assets. Pursuant to the MOU the
parties will seek to deploy, subject to binding agreement, capital
and expertise into an energy storage venture in Indonesia which
will support 100 feasibility studies for PT Inovasi's micro-grid
solutions in rural projects and towards the optimisation of a
portfolio of 50 existing mini-grids requiring upgrade works. The
MOU envisages ion Ventures helping to bridge the gap between
development and finance for energy storage in Indonesia, and
together the parties will source, develop and operate energy
storage assets at scale, replicating ion's proven operating model
and growing pipeline in the UK.
PT Inovasi have been working in the micro and minigrid sector in
Indonesia since 2016, developing solutions, delivering O&M
services and improving quality of life and mobility through their
social enterprise. The core PT Inovasi team, have completed
inspection, impact assessments and surveys of over 500 existing
minigrids and rural communities across Indonesia. 150 of these
rural communities were surveyed in the last 18 months with the sole
purpose of monitoring existing minigrids' impacts on the
communities and for potential new minigrid applications.
The MOU represents ion's first partnership in the Indonesian
market, where investment in clean energy assets is being scaled up
rapidly, as the Indonesian Government looks to deliver on its 2050
net-zero emissions pledge.
In the UK, the ion pipeline continues to grow strongly and has
now reached over 200MW of battery based energy storage projects,
all at an advanced stage of development, with some projects ready
to build. Reflecting this pipeline growth and maturation, the ion
team is now expanding in order to seek to capitalise on the
existing pipeline and on further opportunities.
Further details can be found at ion Ventures website:
https://www.ion.ventures/ news
Research Coverage and Investor Q&A
Coro also announces that it has engaged Align Research Limited
("Align") to provide equity research services to the Company, with
Align's initiation note on the Company expected to be published in
the coming weeks. In lieu of cash consideration for the provision
of research services, Align will instead be compensated with new
ordinary shares in the Company, to be issued upon publication of
the initiation note. A further announcement in this regard will be
made in due course.
Following the publication of the Align initiation note,
investors will be invited to a live web based Q&A where members
of the Coro and ion teams will be available to field questions.
Futher details will follow in due course.
Enquiries:
Coro Energy plc Via Vigo Communications
James Parsons Ltd
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
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