11th Nov 2024 19:00
(Alliance News) - Kistos Holdings PLC on Monday announced an investment in Spiralis Energy Ltd, a tidal energy business.
Kistos Holdings is a London-based buyer and manager of companies in energy sector.
According to the agreement, Kistos has agreed to take an equity interest of up to 20% in Spiralis Energy Ltd through 10% equity and 10% warrants for an investment of GBP800,000.
As part of the deal, Kistos has invested in Spiralis Energy's tidal technology, which is at an advanced stage of testing. The firm also has the right to board representation at Spiralis.
"Our investment in Spiralis follows extensive due diligence on the business, its technology and commercial strategy and the tidal power sector and current market participants. Providing financial backing at this stage, with imminent final testing and the potential for commercial deployment shortly thereafter, meets our risk profile for this investment," said Executive Chair Andrew Austin.
"Whilst as a management team our priority remains to seek value accretive opportunities in hydrocarbons, this investment offers a path to meet our stated sustainability commitments in conjunction with providing direct upside exposure and influence not available with traditional offsetting initiatives."
Shares in Kistos Holdings were flat at 100.00 pence each in London on Monday.
By Holly Beveridge, Alliance News senior reporter
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