18th May 2018 12:12
LONDON (Alliance News) - Natural resource exploration and development company Regency Mines PLC said Friday its wholly-owned subsidiary EsTeq Ltd has committed GBP50,000 into a new energy storage project.
The project, called Allied Energy Services Ltd, has secured three land lease options in Liverpool farmland sites, each capable of hosting 25 megawatts of energy storage facilities.
Regency Mines also agreed terms for a two hectare industrial site in Scotland capable of hosting an initial 50 megawatt energy storage facility.
The company expects construction of the first facility to commence in the fourth quarter of 2018.
EsTeq also undertook its first investment in white Tesla rental car company Whitecar Ltd. The GBP200,000 investment, with a further GBP200,000 scheduled, gives EsTeq a 5.8% stake in Whitecar.
Whitecar's predicts, Regency said, for GBP95 million revenue and GBP15.6 million in earnings before interest, tax, depreciation and amortisation for 2022. The car rental company currently operates in the UK and Norway but is raising GBP1 million to open new sites in Germany and Switzerland.
Regency Mines shares were trading down 2.9% on Friday at a price of 0.51 pence each.
Related Shares:
RGM.L