LONDON, UK: Regency Mines Plc has signed a memorandum of understanding (MOU) with ion Ventures Ltd (IV), an investor in and developer of energy storage and flexibility assets.
Regency, the battery metals and energy storage company, is strategically focused around battery metals, including its flagship Mambare nickel-cobalt project and its UK distributed energy storage and production business.
Under the MOU the parties have agreed to partner on Regency’s existing pipeline of projects, with a view to identifying and prioritising the most commercially attractive projects, securing funding and then moving quickly to first cash flow. IV will support the Company, initially on a consultancy basis and will be issued shares in Regency as consideration.
It is expected IV will become a long-term strategic partner to the company, supporting the development of UK energy storage business, and enabling Regency to progress rapidly to first project cash flow.
Hassen Bali, Co-founder of ion Ventures, commented: “There is a clear requirement for energy storage to be integrated into the UK’s energy system, particularly as we move toward net-zero emissions by 2050. High quality assets will always be sought after and the partnership between Regency and ion is exciting in its potential to address this requirement.”
Scott Kaintz, Regency CEO, commented: “The Executive team at Regency are delighted to introduce ion Ventures as a strategic partner to the business. ion has a deep project pipeline of energy storage and distributed energy projects in the UK, has comprehensive experience commercialising assets in the sector, and provides Regency line of sight on first project cash flows.”