VULC.AQSE

Vulcan Industries PLC
Vulcan Industries Plc - Forepower Lincoln (250) Limited disposal of 49.9%
25th October 2023, 10:44
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
25 October 2023

Vulcan Industries plc

("Vulcan" or the "Company")

Forepower Lincoln (250) Limited, disposal of 49.9% and project funding agreement

Vulcan Industries plc (AQSE: VULC) is pleased to announce that it has disposed
of 49.9% of its interest in the share capital of Forepower Lincoln (250) Limited
("FPL 250"), a 240-megawatt (MW) Lithium-ion Battery Storage project.

Disposal rationale

Following the acquisition of FPL 250 on 6[th] March 2023, Vulcan has been
reviewing the available alternatives to develop the project. The disposal
secures development funding through the planning process and will allow the
project to secure a firm grid connection date. These are expected to enhance the
value of the project as it moves towards the Ready to Build stage.

Forepower Lincoln (250)

FPL 250 owns a 240MW Lithium-ion Battery Storage project and holds a grid
connection contract (to connect to the National Grid Infrastructure) and an
option to lease a parcel of land for a minimum of 25 years. It has been
identified as a major infrastructure project which is currently in the pre
-planning stage. The management team of FPL 250 have a track record in
identifying Battery Storage opportunities, obtaining planning, developing and
bringing projects online.

Total Consideration

The total consideration receivable is £1,500,000 payable in cash as the project
progresses and no later than the earlier of the sale of the project or the 5[th]
anniversary of the agreement in the event that both parties elect to develop the
project.

The Buyer has agreed to advance a total of £500,000 to fund the initial planning
phase in the form of a loan.  This loan, with a zero coupon, is secured over the
project assets.  It is intended that this loan will be offset against any
remaining consideration due. The Company intends to draw down on this loan as
expenditure commitments fall due.

Ian Tordoff, Executive Chairman, "We are delighted to be working with the buyer
to move the project forward in the planning phase.  This is expected to enable
the project to crystalise additional value for shareholders. Further
announcements of the attainment of project milestones will be made in due
course.  Battery Storage is an important part of the drive for increased
renewable energy in the UK and provides significant opportunities for growth in
future."

Further delays in the Publication of Annual accounts

Further to the announcement made on 28 September 2023, the Company is still
working with the Company's auditor to finalise the Audit of the Group's accounts
for the year ended 31 March 2023. Publication of the annual report is expected
to be no later than mid November 2023.

For further information, visit: https://vulcanplc.com

Contacts

Vulcan Industries plc
Neil Clayton                                                   nc@vulcanplc.com
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)  +44 20 3855 5551
Brian Stockbridge
Gabrielle Cordeiro

About Vulcan

Vulcan seeks to acquire and consolidate traditional but historically profitable
engineering, manufacturing, and industrial SMEs for value and to enhance this
value in part through group synergies, but primarily by unlocking growth which
is not being achieved as a standalone private company. For more information
visit https://www.voxmarkets.co.uk/listings/PLU/VULC

Forward Looking Statements

This news release may contain "forward-looking" statements and information
relating to the Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information currently available
to Company management. The Company does not undertake to update forward-looking
statements or forward-looking information, except as required by law.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory
Information Service, this inside information is now considered to be in the
public domain.

This information was brought to you by Cision http://news.cision.com

TwitterFacebookLinkedIn