Kibo Energy PLC Bio-fuel Projects Test Work & Director Retirement (9259X)
May 02 2023 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 9259X
Kibo Energy PLC
02 May 2023
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: 2 May 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Announces Positive Specification Outcomes of Pilot Test
Work for Its Bio-fuel Projects
And Retirement of Executive Director
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the
renewable-energy-focused development company, is pleased to update
the market on significant progress it has made on its aim to supply
solid biofuel as a replacement for conventional coal to various
international companies in the manufacturing industry, as first
mentioned in previous RNS' and again in a Company announcement
dated 1 February 2023.
The Company has recently conducted additional verification
testing on selected biomass types through accredited laboratories
to determine their performance specifications against specific
energy requirements of potential clients as part of an ongoing
technical feasibility study. The laboratory tests have yielded
better than expected results (presented in the table below),
demonstrating that the selected biomass types not only match but
significantly outperforms conventional coal in many specification
categories used in industrial boilers.
The latest verification results have shown more favorable
outcomes in terms of specifications compared to previous tests. The
table below provides a comparison between the specifications of
conventional coal and the bio-coal types recently tested by the
Company in its ongoing laboratory tests.
Conventional Coal(*) Bio-coal(**)
Calorific Value (MJ/kg) 20-29 28-32
----------------------- --------------
Ash Content (%) 15-21 2.5-6
----------------------- --------------
Sulphur Content (%) 1-1.5 0.04-0.1
----------------------- --------------
Volatiles (%) 5-50 20-40
----------------------- --------------
Chlorine Content (%) 0.01-1% < 0.2%
----------------------- --------------
*Range of characteristics properties of South African A-D grade
coal
**Range of characteristic properties of bio-coal types tested
The outcome of the previous pilot test work indicated that the
bio-coal performed well above expectation over a measured three-day
period, not only in terms of its combustion properties but also in
terms of its physical characteristics in the materials-handling
process (feeding process and ash removal into and from the boiler).
The results report provided by the boiler manufacturer indicated
that bio-coal performed in line or better than what is expected
from conventional coal, with the strategic benefit that it is a
carbon-neutral solution.
The positive lab and pilot tests clearly demonstrate the
potential viability to replace conventional coal with solid biofuel
from a technical and operational perspective. The latest results
will now be fed into the detailed feasibility studies that are
currently underway, to establish the technical and commercial
viability to replace coal with solid biofuel in small- to
medium-sized boilers and similar applications.
The Company also wishes to take this opportunity to announce
that Mr. Chris Schutte will be retiring from the Kibo board as of
02 May 2023. Mr. Schutte is leaving the Kibo board for the peace
and quiet of a well-deserved retirement with his family. The
Company is currently considering a number of candidates to fill Mr.
Schutte's position on the board.
Louis Coetzee, CEO of Kibo Energy, says: "We are extremely
pleased with the outcome of the most recent test work and are
confident that the ongoing feasibility studies will bring further
positive results, validating the Kibo strategy and ability to
deliver carbon-neutral solutions in Southern Africa's highly
challenging energy landscape. We remain on course to actively
pursue the successful execution of our bio-fuel projects in
Southern Africa and look forward to providing further updates to
the market on the progress of these initiatives.
"I also want to use this opportunity to thank Chris on behalf of
the Kibo Board for his dedicated service to the Company over the
last two-and-a-half extremely challenging years. His technical
knowledge and industry insight was invaluable and made a
significant contribution to the Company's development."
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
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser
Roland Cornish Limited
------------------------------ ----------------------- ----------------------
Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
------------------------------ ----------------------- ----------------------
Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
------------------------------ ----------------------- ----------------------
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and Media
van Rijmenant Relations Consultant
------------------------------ ----------------------- ----------------------
Johannesburg
02 May 2023
Corporate and Designated Adviser
River Group
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