Battery metal-focused resource explorer and developer Corcel announced on Thursday the signing of a memorandum of understanding with the “large-scale” British investment fund Altana Social Impact Partnership (ASIP), to finance its current and future energy storage and production projects in the United Kingdom. United.
The AIM-listed company said the deal included an option for direct investment by the fund in the UK subsidiary of Corcel, which owns its portfolio of UK-based energy generation and storage projects.
He said that while the deal grew out of the process of financing the two peaking 50MW gas projects at Avonmouth and Tring Road, the envisaged partnership was designed to be broader, potentially including multiple gas storage sites. batteries across the UK alongside other projects.
“Currently, discussions between Corcel, ASIP and the owner of Avonmouth regarding exclusivity rights are ongoing and due diligence is underway,” Corcel said, adding that there is still no certainty that his rights to Avonmouth would be officially extended.
“Along with the financing relationship and with a view to participating in all future Corcel power generation and storage projects, officials include that ASIP is also being granted an option on 50% of Flexible Grid Solutions for a cost total of £0.5million,” the board said. added, referring to Corcel’s UK subsidiary.
Corcel said the option would be valid for three months and was subject to detailed due diligence and final approval by ASIP’s investment committee.
“After execution of the option, ASIP will be granted the right to appoint a representative to the board of directors of Flexible Grid Solutions as well as a right of first refusal to finance the first 250 MW of FGS projects.”
At 10.22am BST, shares of Corcel rose 10.37% to 1.49p.