REG - Aura Renewable Acqns - Final Results

Aura Renewable AcquisitionsAnnouncement

08/04/2024 07:00

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RNS Number : 5884J  Aura Renewable Acquisitions PLC  08 April 2024

Aura Renewable Acquisitions plc

("Aura" or "Company")

 

Annual Results

 

 

8 April 2024 - Aura Renewable Acquisitions plc, a UK-based company whose
objective is to build shareholder value by investing in the global renewable
energy supply chain, announces its results for the year ended 31 December
2023.

The Company has continued to seek suitable acquisition and investment targets
while operating with minimal overheads following its admission to the Standard
Segment of the Main Market of the London Stock Exchange in April 2022, raising
gross proceeds of £1,000,000 from a placing and subscription. In the year to
31 December 2023, the Company incurred a loss before taxation of £153,000
(2022: £236,000). At 31 December 2023, the Company retained cash resources of
£661,000 (2022: £809,000).

 

Aura was established to acquire then act as the holding company for targeted
businesses operating in the Global Renewable Energy Sector Supply Chain,
particularly participants in the battery, wind, solar, biomass, hydropower,
carbon capture, waste management, smart grids and green hydrogen supply chain,
and their sub-sectors. These potential targets could range from raw materials
resourcing to power generation, energy storage and recycling.

 

During the year the board has met and assessed potential acquisition targets
in the UK and overseas while maintaining close connections with potential
business introducers from within the Board's professional and business
networks. By reinforcing the board's intentions and objectives to these
potential introducers of opportunities, we have maintained a pipeline of
potentially significant targets and held early and encouraging discussions
with a number of  companies in a range of sectors and jurisdictions.

Internationally, governments and policy makers continue to affirm their
collective commitment to reducing greenhouse gas emissions through the
transition from fossil fuels to renewable energy in order to limit climate
change - while seeking to balance energy sustainability, affordability and
security. By way of example:

 -  In March 2024 the United Nations Framework Convention on Climate Change and
    the International Energy Agency underlined their joint approach to addressing
    climate change.

 -  As announced in November 2023, the EU contributed €28.5 billion in climate
    finance from public sources and mobilised a further €11.9 billion of private
    finance in 2022 to support developing countries in reducing greenhouse gas
    emissions and adapting to the impacts of climate change.

 -  The United States government remains engaged in multiple sectors to meet its
    climate goals, its Inflation Reduction Act delivering large emission
    reductions at manageable cost.

 -  In the UK, the Electricity System Operator emphasised the importance of wind
    power as it unveiled in March 2024 a £58 billion investment in the
    electricity grid to decarbonise power while meeting growing energy demand by
    2035.

 -  On 27 March 2024 the UK electricity regulator Ofgem announced a £3.4 billion
    funding package for a proposed 2GW 'electricity superhighway' between Scotland
    and Yorkshire, to help harness the potential of Britain's offshore wind,
    powering up to 2 million homes.

 -  Also in March 2024, the UK Government announced initiatives to improve energy
    market efficiency, while further investments in renewable energy transmission
    and distribution have been announced by both SP Energy Networks and
    ScottishPower. Meanwhile, demand for both solar PV and heat pump small-scale
    installations has risen substantially.

 

Against this highly positive background, our investment horizon is wide within
our chosen sector, and we will continue to assess and qualify what we believe
to be value accretive opportunities wherever they arise. When our ongoing
evaluation and investigation result in the potential for a transaction, the
Company will give the market appropriate notice.

 

John Croft, the Chairman of Aura commented:

 

"The ongoing economic and political uncertainty caused by supply chain issues,
inflation, interest rate rises, hostilities in Europe and further afield,
continued to restrict capital market activity during 2023. However, early
signs of interest rate reductions on the back of lower inflation figures
should have a positive impact on markets. We remain confident that the
renewable energy sector will offer excellent opportunities for acquisitive and
organic growth and are committed to ensure that the Company and its
stakeholders have the chance to share in these opportunities. We believe our
strategic approach to finding the right transaction, while closely controlling
overheads will prove successful."

 

 

 

Publication on website

A copy of this announcement is also available on the Company's website at
http://www.aurarenewables.com.

Enquiries

Aura Renewable Acquisitions Plc
 
 

 John Croft (Non-Executive Chairman)     07785 315588
 Robin Stevens (Non-Executive Director)  07787 112059

 

Media enquiries

 Allerton Communications
 Peter Curtain            020 3633 1730
                          aurarenewables@allertoncomms.co.uk

 

LEI: 894500XA241IB9HL7147

 

Notes to Editors

Aura was established to acquire and then act as the holding company for
targeted businesses operating in the Global Renewable Energy Sector Supply
Chain, particularly participants in the wind, solar, biomass, hydropower,
carbon capture, waste management, smart grids and green hydrogen supply chain,
and their sub-sectors. These potential targets could range from raw materials
resourcing to power generation, energy storage and recycling.

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

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