The natural resource exploration and development company with interests in battery metals and flexible grid solutions announced the acquisition of a 40% interest in the “shovel ready” Tring Road 50 megawatt gas peaking project outside of Aylesbury.
The interest is being acquired from Arlington Energy Limited. The two parties intend to explore and discuss the potential to co-develop and fund additional flexible energy assets in the United Kingdom.
Since the announcement of its interim results in February, overall trading conditions have continued to remain positive and management is expecting a profit before tax for the year ending June 2021 to exceed £1mln, compared to a loss before tax the year before of £349,000.
The company said it has achieved an operating profit every month since February 2020 and a net profit before tax in nine of the previous 12 months.