As we close in to the end of this calendar year we intend to provide a 1 page summary of the activities, milestones and the successes achieved in 2018 with a short synopsis of what to expect in 2019.
We completed our PCI/CEF application for the 40MW and 500MW studies bid. This was successfully submitted on the 11th Oct 2018 and amounted to ~ £20M with 50% expected as a grant by Mar/Apr 2019. I am pleased to announce that a major portion of the match funding is already committed and that support letters were received from various entities ranging from EDF and NAM to the LEP (Local Enterprise Partnership), SPEN (Scottish Power Energy Networks) and others. In total we received almost 10 letters of support). Ernst & Young were key to this successful bid and the whole SEL team would like to thank them for their dedication and teamwork. We are currently discussing additional areas of cooperation with them and we hope to provide some further news on this in the next update.
Dentons invited SEL to present at their prestigious Global Energy Summit on Energy in Amsterdam in October. This was unique in that NAM joined Tallat and gave a combined presentation on grid scale storage. Both were invited onto the panel to answer questions from the delegates. For further information please follow this link.
We are happy to announce that we have finalised our cooperation agreement with NAM and are in a position to sign this immediately. Additionally we are pleased to announce a potential 2nd project opportunity with NAM in the Netherlands, discussions are currently underway with 2 large industrials with meetings planned in the coming weeks. This has the potential to represent another game changer for SEL.
Project development meetings were held recently at the Wilton site with SABIC and Sembcorp to discuss potential project locations. Wilton is a very good location as the salt geology is suitable for underground storage (evidenced by the multiple caverns that already operate there), the proximity to the Scottish border (offshore wind via the 400KV interconnector) and the offshore wind farms (the largest of which) connects to the Wilton site. Further meetings are planned and we hope to start initial feasibility studies shortly.
Our Cheshire project continues apace and the preplanning application was submitted in early September, a joint meeting with the Cheshire West council, the landowner, SEL and ERM was conducted soon after and a final report is expected in the coming weeks. No problematic issues were identified however it was agreed that some consideration of conducting photo montages and landscaping be started early.
Lastly we would like to mention that we have started our next funding round via a crowdfunding platform and we would encourage potential investors to give careful consideration to this as the likelihood of the closing out of specific milestones would allow SEL to reassess the company’s valuation in the new year. A special update later this week to focus on this. However if anyone is interested please contact us by return mail.