AGM Statement

RNS Number : 1858O

Camco Clean Energy PLC

17 September 2013

 



Camco Clean Energy plc

AGM Statement

Camco Clean Energy plc ("Camco Clean Energy" or the "Company" or "Camco") is holding its annual general meeting today in which the Chairman, Jeff Kenna will provide the following update on its activities to shareholders attending.

 "Camco Clean Energy's focus on accelerating its clean energy business activities in North America and Africa is starting to gain traction.  We are confident the Company's discrete businesses will deliver as our continued hard work pays off."

USA

·     Camco's Jerome biogas facility of 4.5MW alongside the pending acquisition of its Twin Falls facility of 2.1MW brings the Company's biogas portfolio to a capacity of 6.6MW.   The Twin Falls acquisition, which is subject to our control, is now expected to complete in Q4.  This demonstrates the Company's expertise and credentials in the North America biogas market and provides a base platform for growth.  The Jerome facility continues to meet its monthly power target.

·     The Californian carbon market is pending the issuance of its first offset credits.  The Company has 12 projects listed with the California Air Resources (CAR) Board pending issuance, comprising 260,000 tonnes.  Upon issuance by ARB of offset credits this will provide the company with important cash flows from its US carbon business

Africa

·     Camco has been awarded a $1m development agency project funded by USAID to accelerate the development and deployment of clean energy solutions for increasing agriculture productivity in Tanzania and Benin. This initiative will result in 50 village grids - or energy service companies - supplying power in their communities from biomass agricultural waste.

·     The South African government has announced the schedule for the Small IPP Procurement Program with the first round of projects to be submitted in October 2013. The company has previously announced it has signed a land lease option on a 5MW project which it will submit in the first round and also has under development a further 20MW pipeline of similar size PV projects.

REDT

·     Camco is pleased to announce that its subsidiary* REDT UK Ltd. passed in June 2013 the first selection phase of the Energy Storage Technology Demonstration Competition organized by the UK Department of Energy & Climate Change ("DECC").  This phase involved a feasibility study for a 1.2 MWh storage system in Scotland.

·     REDT's pilot system in the UK has performed for the last year as expected, with a proven round-trip  efficiency of > 75%.  REDT's vanadium flow battery is designed to provide long duration, low cost, scalable and environmentally recyclable storage.  

China Carbon

·     Despite the continued low carbon price environment our team continues to deliver some cash flow from its CDM and VER portfolio.   The company has also commenced trading activities in the EU to provide services to EU compliance buyers and sellers

·     Our team continues to work through restructuring our CDM contracts protecting the company from contingent liabilities and addressing our partners' best interests during the collapse of the carbon market. 

 Operations

·     As previously announced, the Company continues to keep close control over its cost base and reduce expenditure where possible whilst maintaining operational functionality. The majority of these actions have now been taken including relocating three offices to significantly lower cost facilities.

The Company confirms that its interim results for the 6 months to 30 June 2013 with be released on 30 September 2013.

Enquiries:

 Camco Clean Energy plc                                                     [phone]         

 Scott McGregor, Chief Executive Officer

 Jonathan Marren, Chief Financial Officer

 N+1 Singer (Nominated Adviser and Broker)            [phone]

 Andrew Craig

 Ben Wright

About Camco Clean Energy

Camco Clean Energy plc (AIM: CCE) is an experienced project developer working to develop, construct and operate projects that contribute to building a sustainable future.

With more than 20 years of successful project delivery we help clients in Asia, North America, Africa and Europe to implement clean energy and emission reduction solutions, reducing costs and maximising financial and environmental benefits. We have an outstanding track record in technical delivery and commercial expertise, working with local industry, multinational companies, governments and regulatory bodies.

Camco Clean Energy has created one of the largest emission reductions portfolios and has structured ground breaking and innovative arrangements for the sale and delivery of emission reductions to compliance and voluntary buyers.

About REDT www.poweringnow.com

REDT has developed a unique energy storage technology which enables customers to efficiently and sustainably storage electrical energy. REDT's technology is a unique Vanadium based flow battery which enables the cheap and efficient storage of electrical energy in liquid form. Because the technology relies on the reaction of different valence forms of the same element, Vanadium, the system has unlimited life, with very long cycle life between component replacement (approx. 10,000 full cycles) . This enables the sustainable storage of energy, and for the first time ever, provides the ability for a customer to completely shift to renewable power sources. This represents a paradigm shift in energy production, and ultimately the complete displacement of conventional fossil fuel power with renewable generation. The system has applications in remote power, smart grids, power quality, and automotive industries.

* Camco Clean Energy plc, on a fully diluted basis, has an economic interest of 49% in REDT.

 

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