Kibo Energy, Hasta Trust partner to develop long-duration energy storage projects

SOUTH AFRICAKibo Energy, the renewable energy-focused development company, has entered into an exclusive agreement with Hasta Trust to jointly develop a portfolio of long-duration energy storage projects in South Africa, with an initial target of c. 36,320 MWh capacity.

The projects are held by National Broadband Solutions (NBS) in South Africa, with an initial target of c. 36,320 MWh capacity.  NBS is currently 100% owned by Hasta.

Kibo will acquire a 51% interest in NBS, in exchange for granting NBS exclusive access to Kibo’s strategic capabilities and capacity, in respect of long duration storage solutions, for specific market sectors covered by NBS’s project portfolio.

Kibo will also appoint three directors to the board of NBS with Hasta appointing two directors.

“We are pleased to have entered into this agreement with Hasta, which aligns perfectly with the company’s strategy to become a significant presence in the long duration energy storage market and sets up an additional potential revenue stream for Kibo,” Louis Coetzee, CEO of Kibo Energy, commented.

The Agreement is said to be a major step forward in Kibo’s strategy to integrate long-duration energy storage into its commercial project pipeline and follows closing a framework agreement with CellCube to develop and deploy CellCube-based Long Duration Energy Storage (“LDES”) solutions in Southern Africa.

Coetzee confidently believes that CellCube’s approach to Long Duration Energy Storage (LDES) uses the technology most likely to dominate the renewable energy electricity generation sector, for the purposes of a utility scale battery storage system, to ensure consistent and reliable electricity supply to clients who are increasingly suffering from the unreliable electricity supply by the national utility.

The projects will service specific business sectors within South Africa, with many of these industries severely impacted by the frequent load shedding imposed by the country’s national utility.

This comes a week after Kibo Energy had been granted conditional exclusive rights to the marketing, sales, configuration and delivery of CellCube’s vanadium redox flow batteries (VRFB) in Southern Africa.

Kibo signed a 5-year framework agreement with vanadium redox flow batteries manufacturer, Enerox GmbH. The agreement is subject to successful Proof of Concepts (PoC).

Kibo will develop and deploy CellCube based Long Duration Energy Storage (LDES) solutions in selected target sectors in Southern Africa.

Under the agreement, Kibo has been granted conditional exclusive rights, subject to successful Proof of Concepts (PoC), to the marketing, sales, configuration and delivery of CellCube’s vanadium redox flow batteries (VRFB) in the development of its LDES solutions in microgrid applications behind the meter.

For any utility scale projects the parties will work on a non-exclusive basis.

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