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. |
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| - | 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. |
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| - | 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. |
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| - | 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. |
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| - | 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. |
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| - | 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
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| 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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