Minerals exploration company Kibo Energy has signed a collaboration agreement with ESS Tech Inc for the development of electricity storage technology.
The company said this agreement is in line with its strategy of incorporating long-term renewable energy solutions into its existing coal power project, adding that it is a critical component of its corporate strategy aimed at providing sustainable energy solutions that are environmentally and economically feasible.
ESS is experienced in the design, manufacture, supply and installation of electricity storage technology products and services for the power sector.
“The inclusion of renewable energy into power station designs allows for higher availability figures from a technical point of view and provides better fundability options. With this in mind and given that storage capacity is an essential component of realising renewable energy in base-load applications, we are delighted to have access to ESS’s technology,” said chief executive Louis Coetzee.
Coetzee said this move opens new avenues for Kibo in terms of renewable co-generation with our coal power projects, an idea which is currently being developed for the first application in the Benga Power Plant Project .
Coetzee also noted that the partnership with ESS is a massive opportunity to establish the notion of co-located renewable and clean-burning fossil fuel base-load energy towards a single combined objective: sensible, sustainable, economic growth.
“ESS has a good understanding of the developing world; we are delighted to be working with its team and look forward to building a mutually beneficial relationship,” he said.
The key terms of the collaboration agreement state that ESS will:
- Provide Kibo with technical advice and support for its feasibility and related studies;
- Collaborate with Kibo to actively develop, create and facilitate new project opportunities, and to work with Kibo towards securing funding and creating funding opportunities for the various Projects;
- Assist the company in its efforts to secure Power Purchase Agreements and to socialise the Projects with related governments and appropriate authorities and stakeholders;
- Provide information to the Owner’s Engineer (OE) to maximise required plant technical specification and performance, and where applicable mitigate to OE costs payable by Kibo;
- Provide access to designated Project stakeholders to selected ESS technical material related to storage technology equipment; and
- Be the preferred electricity storage technology partner to Kibo for the Projects.