Kibo Strategy Update

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

LEI Code: 635400WTCRIZB6TVGZ23

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

('Kibo' or 'the Company')

Dated: 16 January 2024

Kibo Energy PLC ('Kibo' or the 'Company')

Kibo Strategy Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy-focused developer of sustainable energy solutions, is pleased to provide an interim strategy update in relation to its development approach. This follows the Company's 2023 operational update as announced in an RNS dated 3 July 2023. This RNS aims to outline the Company's strategic concept and, whilst progress has been limited given constraints around funding, recent advancements as part of its commitment to developing long-term sustainable energy solutions in Southern Africa, the UK and Ireland.

Kibo's strategy revolves around its commitment to being a developer of sustainable clean energy solutions by integrating both established and cutting-edge technologies in renewable energy generation, waste-to-energy and energy storage. The primary focus is to deliver enduring, low- or zero-carbon energy-generation solutions across Southern Africa, the UK and Ireland.

A number of these clean energy opportunities are in various stages of development and others still in the opportunity screening phase.

In pursuit of this objective, the Company has and continues to establish formal relationships with pivotal and leading industry entities, including sustainable technology original equipment manufacturers, specialising in energy storage, biomass production and pioneers in biofuel technologies.

Operationally, the Company: 

·    is currently formulating a joint development agreement with a multinational food and beverage producer ("the Client") intended to be funded equally (i.e., 50-50) by Kibo and the Client. The objective of this collaboration is to build and operate a pilot plant that will produce bio-coal as a preliminary step towards the establishment of a comprehensive production-scale facility. This initiative, subject to a successful pilot plant and financing, will enable the Client to transition from the use of fossil coal to bio-coal in its comprehensive boiler fleet, without any reconfiguration, aligning with established Environmental, Social and Governance (ESG) compliance standards; and

·    has received conditional preliminary approval for development funding, subject to due diligence, from a prominent development banking institution in Southern Africa for one of the Company's existing waste-to-energy projects.

The table below indicates the status of Kibo's project portfolio at present. Timelines beyond Q1 2024 remain as advised and the Company will advise should these change in light of the below. This does not include opportunities that are currently the subject of advanced due diligence and commercial consideration.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

**ENDS**

For further information please visit www.kibo.energy or contact:

Johannesburg

16 January 2024

Corporate and Designated Adviser

River Group