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Vulcan Industries PLC - London-based engineering services firm - Buys Forepower Lincoln Ltd, a 240 megawatts lithium-ion battery storage project, for a total consideration of £2.6 million satisfied by the issue of 260 million shares. Says it holds a grid connection contract and an option to lease a parcel of land for at least 25 years.
Executive Chair Ian Tordoff says: ‘We are delighted to be working with the FPL team to develop initially this exciting project and subsequently the pipeline of projects that we have identified. Battery Storage is an important part of the drive for increased renewable energy in the UK and provides significant opportunities for growth in future.’
Last month, Vulcan Industries reported revenue of £968,000 in the nine months to year-end, unchanged from a year before. Pretax loss narrowed to £697,000 from £1.0 million.
Current stock price: last traded on Feb 15 at 0.15 pence each
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