LONDON, UK: Corcel Plc announced signature of a Heads of Terms defining a partnership with Altana Social Impact Partnership (ASIP) to jointly fund and develop Corcel’s UK energy storage & generation project pipeline, which currently includes a mix of battery energy storage and transitional energy generation projects at various stages of development.
Altana Social Impact Partnership (ASIP) is a large UK based investment fund which invests across a range of asset classes with a social and ethical agenda.
Corcel Plc is the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage. The terms include the award of an option for a direct investment by the same fund in Corcel’s UK subsidiary which holds the portfolio of UK based energy generation and storage projects.
Whilst the Corcel and ASIP partnership originated from the funding process for the two 50MW gas peaker projects at Avonmouth and Tring Road, the envisioned partnership is designed to be broader, potentially including multiple battery storage sites across the UK alongside other projects.
Currently, discussions between Corcel, ASIP and the landlord at Avonmouth regarding exclusivity rights are continuing and due diligence is underway, the Company cautions that there can be no certainty at present that Corcel’s rights to Avonmouth will be formally extended.
Alongside the funding relationship and with a view to participate in all future Corcel energy generation and storage projects, the Heads include that Altana Social Impact Partnership (ASIP) is also awarded an Option over 50% of Flexible Grid Solutions Limited (the Company’s UK based subsidiary which owns the Company’s portfolio of UK based energy generation and storage projects) for a total cost of £500,000.
The Option will be valid for a period of three months. The Option is subject to detailed due diligence and ASIP’s final Investment Committee approval. Upon execution of the Option, ASIP will be granted the right to nominate a board representative to Flexible Grid Solutions Limited as well as a right of first refusal to fund the first 250MW of FGS projects.