23rd Dec 2019 12:49
(Alliance News) - Shares in Regency Mines PLC rose on Monday after the battery metals and energy storage provider said it struck a partnership deal with ion Ventures Ltd.
ion Ventures is an investor and developer of energy storage assets, while Regency Mines is a battery metals miner with nickel and vanadium interests, as well as a UK energy storage business.
Shares in the London-based firm were up 20% at 0.039 pence on Monday.
Regency said both parties have executed a memorandum of understanding 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.
Further, Regency said it expects ion Ventures to become a "long-term strategic partner" supporting the development of UK energy storage business, and enabling Regency to "progress rapidly to first project cash flow".
Regency said Ion Ventures will support the company, initially on a consultancy basis and will be issued shares in Regency as consideration.
Regency Chief Executive Officer Scott Kaintz, Regency 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."
By Arvind Bhunjun; [email protected]
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