shares jump 19.36% to 1.85p after battery project milestone announcement
Simec announced that it has obtained grid variations for its 230 MW/460 MWh Battery Energy Storage System (BESS) project at Uskmout, and has finalized the novation of the grid connection agreement. The company said the project is on track to be operational by 2024.
Simec has entered into an agreement with Energy Optimization Solutions (EOS) and Quinbrook Infrastructure Partners (Quinbrook) for the project, which is one of the largest BESS deployments in the UK.
Following the novation of the grid connection, Simec received a payment of £6 million from UES in the form of an interest-free loan. Planning permission is expected to be granted in the fourth quarter of 2022. A further payment of £4 million will be received upon financial close of the project, expected in the first quarter of 2023.
“Today’s announcement is a key next step in delivering value to the Uskmouth site. We have made excellent progress in securing the necessary planning approvals and the project is on track for begin construction, as planned, next year SAE has additional land and infrastructure at the Uskmouth site and is advancing other BESS projects and exploring other energy projects to deliver maximum site value from Uskmouth to our stakeholders. SAE will continue to update the market as these initiatives progress.the company said.
Read today’s update on energy storage.
shares jump another 23.75% to 4.95p thanks to historic contract with Chinese distributor
East Imperial announced on August 12 the signing of a long-term distribution agreement with Wen Hua Hang Wine Spirits Company (WHI), one of the largest liquor distributors in China. WHI will supply the entire East Imperial range across mainland China and Macau.
Shares jumped 26.56% on the day of the announcement and have continued their upward trajectory since then, rising another 23.75% today.shares are up 106% in the past month.
East Imperial already has an established presence in China, having worked locally with groups such as Ritz-Carlton, Bulgari, W Hotel, Rosewood and Capella Hotels. The partnership with WHI will allow East Imperial to continue to build its presence in the luxury hotel market, while also focusing on local high-end customers, the company said.
East Imperial said the partnership with WHI was part of its bespoke approach in China. The company said it has worked closely with members of WHI’s advisory board, to ensure it fully understands and can properly respond to the Chinese market.
Read our coverage of the original East Imperial announcement.
shares rise 23.72% to 193p on acquisition of NTT DOCOMO’s global payments business
Bango said it has acquired the global payments business of NTT DOCOMO (DOCOMO Digital). Bango said it funded the €4m (£3.44m) acquisition using existing cash. On completion, DOCOMO Digital had a cash balance of €3.1m (£2.66m).
Additionally, Bango has signed a long-term platform agreement with NTT DOCOMO to provide payment services in Japan.
Bango said the deal would bring an additional US$3.5bn (£3bn) a year of end-user spending to the Bango platform. The revenue contribution from the acquisition is expected to be US$5 million (£4.29 million) in fiscal year 2022 and US$16 million (£13.73 million) in of the 2023 financial year.
Paul Larbey, CEO, commented: “The acquisition of DOCOMO Digital strengthens our position as a global leader in data-driven commerce. NTT DOCOMO’s decision to transfer its global payments business to Bango is a major endorsement of our technology in the growing digital economy. Through the Bango platform, telcos can leverage the universal appeal of the world’s biggest online brands and digital marketers can immediately reach new customers.Both will benefit from data-driven insights, providing consumers with better access to digital goods and services.”
shares fall 33.33% to 0.6p on Russian well shutdown
Petroneft Resources has announced it is halting operations at its license field 61 in Tomsk Oblast, Russia, after Nord Imperial suspended the acceptance and transfer of oil from the site.
Petroneft said it had been in talks with Nord Imperial for several years to try to obtain tariffs more in line with market standards because without it, additional investment in License 61 was difficult for the company to justify. To date, those talks have not resulted in any meaningful offers or agreements, the company said.
Petroneft said production from License 67 was unaffected by the situation, with the C-4 well continuing to produce at c. 270 BOPD.
David Sturt, CEO, commented:
“The contract with Nord Imperial for the transfer of our oil from License 61 is well above standard market rates, and we believe that Nord Imperial has been acting monopolistically for many years, charging uncompetitive rates. suspension of acceptance of our oil, while disappointing, will not change our resolve to seek a fair solution for both parties.
We will work hard with our partner (Oil India Limited) and Nord Imperial to resolve this issue as our priority is to protect the interests of our shareholders.”