Vulcan Industries PLC - London-based engineering services firm - Sells 25.4% stake in Forepower Lincoln (250) Ltd, a 240-megawatt lithium-ion battery storage project. Retains its economic interest of 50.1% in the project. Says it will receive GBP60,000 for the sale, including GBP20,000 on completions and GBP40,000 deferred for six months and payable in monthly instalments of GBP5,000 thereafter.
Chair Ian Tordoff says: "We are delighted announce the prospective energization date and to be working with the buyer to move the project forward in the planning phase. This is expected to enable the project to crystalise additional value for shareholders. Further announcements of the attainment of project milestones will be made in due course. Battery Storage is an important part of the drive for increased renewable energy in the UK and provides significant opportunities for growth in future."
Current stock price: 0.08 pence
12-month change: down 85%
By Sophie Rose, Alliance News senior reporter
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