- African Energy Metals (CUCO) has provided an update and preliminary projections for the industrial solar and carbon credit initiative
- The company is developing a viable business case for the use of industrial solar power in the DRC
- African Energy Metals expects to issue an RFP for the initial pilot project in the next few weeks and have an pilot solar facility operating within the next 12-14 months
- African Energy Metals is a natural resource company
- African Energy Metals Inc. (CUCO) opened trading at C$0.15 per share
African Energy Metals (CUCO) has provided an update and preliminary projections for the industrial solar and carbon credit initiative.
Stephen Barley, Executive Chairman of African Energy Metals sat down with Dave Jackson to expand on the initiative.
The approach taken by the company was to develop a viable business model utilizing sustainable alternate energy while generating carbon credits and providing an Environmental, Social, and Governance (ESG) benefit. The preliminary financial model indicates these goals can be achieved and provide a significant early-stage and long-term revenue source for the company.
Like most African countries, the Democratic Republic of the Congo (DRC) is lacking dependable power due to an inadequate power grid. As a result, industrial facilities, including mining operations, supplement electrical grid power with diesel generators. In addition to the negative environmental impacts of burning diesel fuel, the cost per kilowatt-hour (kWh) for diesel-generated power is roughly five times the cost of solar-generated power.
African Energy Metals’ business plan will provide a cleaner hybrid solar/diesel/grid power solution for mining processors, starting with a pilot solar project with a capacity of up to 15mW. The business can be expanded to providing a stand-alone solution by adding power storage units. The company is initially targeting mining processors through pre-existing relationships with the company’s DRC management team and their knowledge of the DRC mining sector.
African Energy Metals is a natural resource company with a focus on the acquisition, exploration, development, and operation of copper, cobalt, and lithium energy metals projects in the DRC.
African Energy Metals Inc. (CUCO) opened trading at C$0.15 per share.