Mast
Energy Developments PLC
(Incorporated in England and
Wales)
(Registration Number:
12886458)
LEI :213800HFVHGJ9YGO9F71
Share code on the LSE:
MAST
ISIN: GB00BMBSCV12
('MED' or 'the Company')
Dated: 1 October 2024
Mast Energy Developments PLC
('MED' or 'the Company')
MED Shares Lock-In Agreement
and Pyebridge Update
Mast Energy Developments PLC is
pleased to announce a lock-in of its shares, and an update
regarding its Pyebridge 8.1MW flexible power generation asset
("Pyebridge").
Key
Highlights:
·
MED agreed with RiverFort Global Opportunities PCC
Ltd ("RGO") a lock-in on its shares received by RGO from Kibo
Energy PLC;
·
Pyebridge Capacity Market contract application
submitted for maximum 8.1MW;
·
Pyebridge next revenue update expected to be
announced around 7 October 2024; and
·
Pyebridge second 2.7MW genset refurbishment
progressing according to plan.
Pieter Krügel, MED CEO, commented: "We
are also pleased
to have agreed with RGO a lock-in of the MED shares received from
Kibo Energy PLC, which provides further support to the MED business
and shows RiverFort's long-term commitment. RiverFort has been very
supportive of MED, and the Project Finance facility from RiverFort
with Pyebridge as previously announced has been instrumental to
turn the site into a profitable and cashflow positive asset. We are
appreciative of RiverFort's ongoing support to the
business.
"The submission of the maximum 8.1MW Capacity Market contract
application is a record and exciting milestone for Pyebridge, and
will result in increased gross profit income to the site when the
contract is secured. Further, the refurbishment process at
Pyebridge is progressing according to plan, and we are expecting to
release a next revenue update shortly."
Stay up to date with MED's latest
news and updates by joining our emailing list and social media
channels, as follows:
MED emailing list -
https://med.energy/email-alerts/
MED LinkedIn page -
https://uk.linkedin.com/company/mast-energy-developments-plc
MED X (formerly Twitter) handle -
@mastplc
Further details of Key Highlights:
MED has agreed with RGO a lock-in on
the shares that RGO received from Kibo Energy PLC (please refer to
the RNS announcement released by Kibo Energy PLC dated 1 October
2024), until 1 January 2025.
Pyebridge has successfully submitted
an application at the maximum 8.1MW generation capacity for its
next T-1 Capacity Market ("CM") contract in the current CM
pre-qualification assessment window and subsequent bid auction for
the 2025/2026 delivery year, which will result in increased
contractual gross profit margin income received from that contract.
Work on the 2nd of Pyebridge's 3x 2.7MW (thus 8.1MW in
total) gensets is progressing according to plan.
ENDS
This announcement contains inside information for the purposes
of the UK version of the Market Abuse Regulation (EU No. 596/2014)
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('UK MAR'). Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
For further information please
visit www.med.energy or contact:
|
Pieter Krügel
|
info@med.energy
|
Mast Energy
Developments PLC
|
CEO
|
|
Jon Belliss
|
+44 (0)20 7399 9425
|
Novum Securities
|
Corporate Broker
|