In a statement, Regency – which is strategically focused around battery metals – said the parties have executed a memorandum of understanding (MOU) 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.
Scott Kaintz, Regency’s CEO, 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.”
The group said Ion Ventures will support the company, initially on a consultancy basis and will be issued shares in Regency as consideration.
It is expected Ion Ventures will become a long-term strategic partner to the company, supporting the development of UK energy storage business, and enabling Regency to progress rapidly to first project cash flow.
Hassen Bali, co-founder of ion Ventures, said: “There is a clear requirement for energy storage to be integrated into the UK’s energy system, particularly as we move toward net-zero emissions by 2050.
“High quality assets will always be sought after and the partnership between Regency and ion is exciting in its potential to address this requirement.”
Shareholders agree to restructuring
Shareholders later confirmed James Parsons as the new executive chairman with Nigel Burton moving to become senior independent non-executive director.
They also agreed to a 100 into one share consolidation that becomes effective tomorrow.
Regency added that talks had started with Battery Metals its joint venture partner on the Mambare project in the Philippines regarding future funding and operations.
Battery Metals had started legal proceedings but these have been halted until the two parties meet in Australia in January.
Regency added it still continues to see significant value in Mambare given the expected increase in nickel and cobalt prices.
Shares rose 8% to 0.04p.
— Adds Regency share price, result of shareholder meeting —