KIBO ENERGY PLC - Agreement to Co-Develop Long Duration Storage Energy Storage Projects in South Africa

Agreement to Co-Develop Long Duration Storage Energy Storage Projects in South Africa

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: 30 May 2022

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

 Agreement to Co-Develop Long Duration Storage Energy Storage Projects in South Africa


Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy focused development company,
is pleased to announce that it has entered into an exclusive agreement (‘The Agreement’) with Hasta
Trust (‘Hasta’) to jointly assess and develop a portfolio of long duration energy storage projects (‘the
Projects’) held exclusively 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.



The Agreement is 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 (See RNS of 17 May 2022). 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.

Louis Coetzee, CEO of Kibo Energy, commented: “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.

We believe 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 industry / business sectors within South Africa, with many of these
industries severely impacted by the frequent load shedding imposed by the country’s national utility.
(Load shedding is a system of rationing electricity during the day, meaning there are daily periods
lasting for hours during which no electricity is available to a given industry or business sector.)”


This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.

                                              **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

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

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

Christopher      energy@acfequityresearch.com     ACF Equity Research         Independent Equity Research House
Nicholson

Sewela           sewela@lifacommunications.com    Lifa Communications         Investor and Media Relations Adviser
Makgolane


Johannesburg
30 May 2022
Corporate and Designated Adviser
River Group

Date: 30-05-2022 08:00:00
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