TIDMRGM
RNS Number : 4972O
Regency Mines PLC
18 May 2018
Regency Mines Plc
("Regency" or "the Company")
EsTeq Limited Operations Update
18 May 2018
Further to the announcements of 14 November 2017 and 22 December
2017, Regency Mines Plc, the natural resource exploration and
development company with interests in hydrocarbons and battery
metals, announces an update on its 100% owned subsidiary, EsTeq
Limited.
EsTeq was formed in 2017 as an initially wholly owned subsidiary
to consolidate some of Regency's interests in, and pursue
opportunities in, the battery storage, battery metals, and energy
storage technology space.
EsTeq undertook its first investment, as announced on 22
December 2017, with an initial investment of GBP200,000 and a
scheduled follow-on investment of GBP200,000 in February 2018 in
Whitecar Ltd ("Whitecar"), a company currently operating white
Tesla rental car services at UK and European locations. This
investment gave it a fully diluted holding of 5.8% of Whitecar.
EsTeq has also committed GBP50,000 to date, of which GBP15,000
has been spent, on developing a new project in energy storage and
trading and grid backup, under the name Allied Energy Services Ltd
("Allied").
Whitecar Highlights
-- Whitecar now operating in UK and Norway with 6 total locations
-- 22 cars in the fleet with 7 on order - 16 further cars via Whitecar Share
-- IOS App now operational and increased google advertising has
led to 308% sales increase yoy to GBP170k
-- Whitecar looking to raise GBP1m of further equity at GBP7.88m valuation
-- Funding to increase expansion rate targeting 62 outlets by 2022
-- 2022 projections of GBP95m of revenue and GBP15.6m EBITDA
Whitecar Operations Update
Whitecar has had an active 2018 to date with the opening of its
Canary Wharf location in the UK, and its first overseas location in
Oslo, Norway. Whitecar remains a pioneer in the field of EV
(electric vehicle) rentals, with its proprietary app technology
offering a one car/one price/all inclusive service to its
customers.
Whitecar is currently undertaking a fundraising of GBP1m in
order to accelerate the opening of overseas branches to maintain
its first mover advantage in the space. Current plans are for the
next two sites to open in Munich and Frankfurt, Germany in August
and September 2018, followed by Geneva and Zurich, Switzerland in
October and November.
Whitecar has further developed its complementary Whitecar Share
product, where clients drop off their personal vehicles to
Whitecar, which are then hired out with the proceeds split between
the owner and Whitecar. This sharing-economy service allows Tesla
owners to avoid expensive parking charges and turn their vehicles
into revenue generating assets whenever they wish.
In Q2 2018 Whitecar launched the initial version of its Whitecar
app for IOS, which allows a singular solution for customer
communication, bookings, identity confirmation, rental support and
service feedback. Upcoming features include keyless entry and
remote checkout among others. Ultimately, Whitecar seeks to turn
this app into one of its most important assets, improving the
customer experience while helping to reduce management and overhead
costs.
Allied Energy Highlights
-- Land lease options secured over 3 farmland sites located in
the Liverpool area (each capable of hosting a 25MW energy storage
facility)
-- Heads of Terms agreed with a leading privately owned
property, transport and logistics company for a 2 ha industrial
site in Scotland (capable of hosting an initial 50MW energy storage
facility)
Allied Energy Operations Summary
-- Pre-planning process initiated on all sites
-- Design work for optimal facility layout initiated with leading battery technology companies
-- Early discussions with potential project finance partners underway
-- Preliminary discussions with potential JV partner affiliated
with Oxford University for co-location of R&D facility with
potential financial support from Scottish Enterprise (for
innovation in energy storage system design)
-- All sites are being assessed and progressed simultaneously,
with a view to commencing construction of the first facility during
Q4 2018
Joseph Jayaraj, EsTeq Executive Director, comments: "EsTeq has
taken the significant first step into the emerging battery energy
storage arena, in securing a number of otherwise under-utilised
landholdings in Northern England and Scotland. We are excited about
developing these sites to provide a sustainable solution to the
increasing demands being placed on UK energy and electricity
infrastructure".
Andrew Bell, Regency Chairman, comments: "Whitecar, now with our
colleague Scott Kaintz on the board, has just completed a record
month and has shown itself capable of handling the opening of new
locations as its European rollout programme begins.
With the rapid progress of Allied through its initial milestone
stages, EsTeq has reached the point where it can raise some
external finance, and we shall be assisting it to do this in order
to maintain its growth trajectory.
All aspects of the storage battery and battery metal markets
continue to evolve rapidly, and we look forward to reporting
further progress as the year proceeds."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines
Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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