Listed company Regency Mines has acquired a 50 per cent stake in Weirs Drove Development (WDD), an energy storage specialist with a site in Cambridgeshire.
Regency has paid £25,000 in cash for the interest, while current WDD shareholders have subscribed to new shares worth £30,000.
The flagship energy storage project in Burwell has an offtake offer from Limejump, a subsidiary of Shell New Energies. FGS has agreed to lend a further £100,000 upon the first WDD energy storage project reaching “shovel ready” status.
Scott Kaintz, chief executive of Regency Mines, said: “We continue to make progress as we look to grow our business founded both on producing the materials that will generate energy during the carbon transition and on the infrastructure that will store and transport distributed power where needed.
“We are delighted to expand our flexible grid solutions business with multiple new UK projects, several of which have early potential to be revenue generating and one of which comes with an offtake offer from Limejump, a Shell subsidiary.”