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Boss of Regency Mines's battery and energy storage subsidiary, EsTeq “excited” by potential of maiden project site

Published: 05:55 21 Dec 2018 EST

White Tesla
EsTeq has also committed £50,000 to the development of Allied Energy Services Ltd, a new project in energy storage and trading and grid backup

Joseph Jayaraj, executive director of Regency Mines PLC (LON:RGM) 100%-owned battery and energy storage subsidiary, EsTeq Limited is “excited” by the potential of the unit’s maiden project site, with a number of pipeline projects also on the horizon.

Jayrajai made the comments in an update on operations at EsTeq, which was formed in 2017 to consolidate some of Regency's interests in, and pursue opportunities in, the battery storage, battery metals, and energy storage technology space.

READ: Regency Mines secures option to acquire 50% of a North American vanadium project

EsTeq undertook its first investment in 2017 in Whitecar Ltd, a company currently operating white Tesla rental car services at the UK and European locations. This investment gave it a fully diluted holding of 5.8% - now 5.584% - of Whitecar.

The group pointed out that Whitecar now operates across the UK and from 6 locations in Norway, with its fleet expanded to 32 cars, and is readying an expansion into Germany in 2019.

It added that Whitecar is fully booked over the Christmas period.

It also noted that third-party equity fundraising for Whitecar of £0.503mln in 2018 now values Regency's original £400,000 investment at £462,000.

The company also said discussions are progressing with a significant number of strategic and industry partners for Whitecar.

Allied Energy Services progressing well

Aside from Whitecar, EsTeq has also committed £50,000 to the development of Allied Energy Services Ltd, a new project in energy storage and trading and grid backup, in which it holds an 80% stake.

Jayaraj said: “At Allied Energy, operations have progressed well during 2018, culminating in the first 20MW project site in Liverpool secured with a long-term lease and planning consent.” 

He added: “Grid connection and project finance are expected to follow during Q1 2019.”

EsTeq noted that Allied Energy is in early discussions with blue-chip clients on the potential of supplying their long-term localised energy needs for both electricity and heat on long-term power purchase agreements which would be a minimum of 15 years.

It added that early discussions with potential project finance partners are also underway, together with preliminary discussions with a potential joint venture partner affiliated with Oxford University.

This would see a co-location of Allied Energy’s R&D facility with potential financial support from Scottish Enterprise.

Regency said sites are being assessed and progressed simultaneously, with a view to commencing construction of the first facility during the first quarter of 2019. 

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