1 June 2023
Harmony Energy Income Trust plc
(the "Company")
Farnham Project Energisation
Harmony Energy Income Trust plc, which invests in battery energy storage systems ("BESS") in Great Britain, is pleased to announce that its 20 MW / 40 MWh Farnham project (located in Surrey) has been successfully energised and is expected to be fully operational by the end of June 2023. The Farnham project is the Company's third project to be energised and takes the total operational capacity within the Company's portfolio to 129 MW / 258 MWh.
The project was developed by Harmony Energy Limited (the "Developer") and construction of the project was managed by Tesla with oversight from the Harmony Energy Project Team. Farnham will be operated through Autobidder, Tesla's algorithmic trading platform, which has also been deployed at the Company's Pillswood and Broadditch projects.
The Company's five projects under construction continue on track, in line with their timelines, with the Developer's own project management teams on site, overseeing progress.
Peter Kavanagh, Director of Harmony Energy Advisors Limited said:
"The roll out of our BESS projects continues at pace, as outlined at IPO. We are focussed on playing an integral role in the UK's transition to renewable energy alongside delivering attractive and sustainable returns to shareholders.
"Farnham is our third project to be energised, taking our total operational capacity to 129 MW. Looking ahead, we remain on track to increase the operational capacity of the Company's portfolio to over 300 MW by year end."
END
For further information, please contact:
| Harmony Energy Advisors Limited Max Slade Peter Kavanagh James Ritchie
| |
| Berenberg Gillian Martin Ben Wright Dan Gee-Summons | +44 (0)20 3207 7800 |
| Camarco Georgia Edmonds
| +44 (0)20 3757 4980 |
| JTC (UK) Limited | +44 (0)20 7409 0181 |
LEI: 254900O3XI3CJNTKR453
About Harmony Energy Advisors Limited (the "Investment Adviser")
The Investment Adviser is a wholly owned subsidiary of Harmony Energy Limited. The Investment Adviser is an appointed representative of Laven Advisors LLP, which is authorised and regulated by the Financial Conduct Authority.
The management team of the Investment Adviser have been exclusively focussed on the energy storage sector (across multiple projects) in Great Britain for over six years, both from the point of view of asset owner/developer and in a third-party advisory capacity.
Important legal information
This announcement contains (or may contain) certain forward looking statements with respect to certain of the Company's plans and/or the plans of one or more of its investee companies and their respective current goals and expectations relating to their respective future financial condition and performance and which involve a number of risks and uncertainties. The Company cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements.
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