KIBO ENERGY PLC - Kibo Announces Progress Update as It Forges Ahead with Sustainable Energy Solutions Strategy

Kibo Announces Progress Update as It Forges Ahead with Sustainable Energy Solutions Strategy

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")

Dated: 25 August 2022

Kibo Energy PLC ('Kibo' or the 'Company')

   Kibo Announces Progress Update as It Forges Ahead with Sustainable Energy Solutions
                                        Strategy

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused development company,
is pleased to announce that it has initiated a process for Requests for Proposals (‘RFPs’) to investigate
the feasibility of replacing fossil-fuel (coal) with renewable biofuel, as mentioned in the Company’s
RNS dated 27 May 2022. This follows an extensive review of the Company’s operations and assets
wherein it determined to dispose of all its coal assets (RNS dated 16 June 2021) while retaining the
associated energy (power) projects through its introduction of innovative biofuel technology, on
which the Company has been doing extensive work in recent months.

Through the RFP process, Kibo intends to appoint an experienced international biomass and biofuel
consultant to determine the economic and technical viability of utilising the specific biomass (or bio-
coal) technology, referred to above and in previous RNS’s, as a feasible fuel source at industrial scale,
to fuel the Company’s existing and already developed utility scale power projects. The feasibility
studies will investigate whether sufficient biomass can be sustainably (NOTE: sustainable =
economically, environmentally and socially viable) produced and supplied as fuel for a 300 MW
power plant over a 20 to 25-year power purchase agreement (‘PPA’) period. The biofuel technology,
which will be the subject of the above referred investigation, has already been subjected to extensive
bench testing and has thus far delivered positive results in all tests performed.

Louis Coetzee, CEO of Kibo Energy, says: “By undertaking this evidence-based process, we
believe we should be able to replace the traditional coal-mining activity with a 100% renewable
energy source. Work completed to date indicates that our existing coal-fired power plants can be
easily adapted to accept the new renewable fuel solution with only minor design changes on the
energy-generation side.”

“Pilot plant and lab tests have shown very positive results in terms of delivering bio-coal at a quality
and quantity specification that is comparable and, in most instances, better, than typical fossil
thermal coal. Should the full investigation into the process of replacing coal with bio-coal deliver the
expected positive results, our existing coal-fired power plant projects will be converted into
renewable base-load energy projects that are carbon neutral and in line with Kibo’s sustainable,
renewable energy strategy.”

                                              **ENDS**

For further information please visit www.kibo.energy or contact:

Louis Coetzee       info@kibo.energy                 Kibo Energy PLC              Chief Executive Officer


Andreas Lianos      +357 99 53 1107                  River Group                  JSE Corporate and Designated
                                                                                  Adviser

Claire Noyce        +44 (0) 20 3764 2341             Hybridan LLP                 Joint Broker

                    +44 207 186 9952
Damon Heath                                          Shard Capital Partners LLP   Joint Broker


Bhavesh Patel /     +44 20 3440 6800                 RFC Ambrian Ltd              NOMAD on AIM
Stephen Allen


                                                                                  
Zainab Slemang     zainab@lifacommunications.co.za   Lifa Communications          Investor and Media Relations
van Rijmenant                                                                                 Consultant




Johannesburg
25 August 2022
Corporate and Designated Adviser
River Group

Date: 25-08-2022 08:00:00
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