Kibo Energy (CDI) (KIBO)

Sector:

Mining

Index:

FTSE AIM All-Share

 0.035p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.11
  • 52 Week Low: 0.031
  • Currency: UK Pounds
  • Shares Issued: 4,360.95m
  • Volume: 2,561,686
  • Market Cap: £1.53m

Kibo Energy to investigate replacing coal with specific biofuel

By Josh White

Date: Thursday 25 Aug 2022

LONDON (ShareCast) - (Sharecast News) - Kibo Energy has initiated a process for requests for proposals to investigate the feasibility of replacing coal with renewable biofuel in its power projects, it announced on Thursday.
The AIM-traded firm said the decision followed an "extensive review" of its operations and assets, in which it decided to dispose of all of its coal assets while retaining the associated power projects through the introduction of biofuel technology.

Through the process, Kibo said it was intending to appoint an "experienced international biomass and biofuel consultant" to determine the economic and technical viability of using specific biomass, or 'bio-coal', technology as a feasible fuel source at industrial scale in its existing and already-developed utility-scale power projects.

The feasibility studies would investigate whether sufficient biomass could be sustainably produced and supplied as fuel for a 300 MW power plant over a 20-to-25-year power purchase agreement period.

Kibo said the biofuel technology, which would be the subject of the investigation, had already been subjected to "extensive" bench testing, and thus far had delivered positive results in all tests performed.

"By undertaking this evidence-based process, we believe we should be able to replace the traditional coal-mining activity with a 100% renewable energy source," said chief executive officer Louis Coetzee.

"Work completed to date indicates that our existing coal-fired power plants can be easily adapted to accept the new renewable fuel solution with only minor design changes on the energy-generation side."

Coetzee said pilot plant and laboratory tests showed "very positive results" in terms of delivering bio-coal at a quality and quantity comparable to and in most instances better than, typical fossil thermal coal.

"Should the full investigation into the process of replacing coal with bio-coal deliver the expected positive results, our existing coal-fired power plant projects will be converted into renewable base-load energy projects that are carbon neutral and in line with Kibo's sustainable, renewable energy strategy."

At 1227 BST, shares in Kibo Energy were up 4.59% at 0.19p.

Reporting by Josh White at Sharecast.com.

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KIBO Market Data

Currency UK Pounds
Share Price 0.035p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.11
52 Week Low 0.031
Volume 2,561,686
Shares Issued 4,360.95m
Market Cap £1.53m

KIBO Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
84.57% below the market average84.57% below the market average84.57% below the market average84.57% below the market average84.57% below the market average
69.23% below the sector average69.23% below the sector average69.23% below the sector average69.23% below the sector average69.23% below the sector average
Income Not Available
Growth
25.73% above the market average25.73% above the market average25.73% above the market average25.73% above the market average25.73% above the market average
40.62% above the sector average40.62% above the sector average40.62% above the sector average40.62% above the sector average40.62% above the sector average

KIBO Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
15:29 2,500,000 @ 0.038p
09:37 51,428 @ 0.038p
08:35 10,258 @ 0.031p

KIBO Key Personnel

CEO Louis Lodewyk Coetzee

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