VANCOUVER, BC / ACCESSWIRE / November 3, 2021 / Westbridge Energy Corporation (TSXV:WEB) ("Westbridge" or the "Company") is pleased to provide our shareholders with an update.
Westbridge announces that the Company has formally launched operations in the United Kingdom with the incorporation of Westbridge Energy UK Limited, a fully owned subsidiary. The focus of the Company in the UK will be the origination and advancement of battery energy storage sites. Westbridge has initiated the development of two stand-alone sites, with proposed capacities of 50MW and 100MW respectively, with the submission of grid applications to the local power grid operator.
The Company is also pleased to announce the appointment of hydrogen and energy storage specialist Alex Dickinson as special advisor to the UK subsidiary. Alex is a 30-year industry veteran. He began his career in the merchant navy and became a diesel and battery power generation expert in submarine applications and more recently in gas turbines, including using hydrogen fuel for offshore and combined heat and power applications. Alex was involved in the privatization of UK power stations before emerging as a leader in renewable energy, from his early involvement in the Non-Fossil Fuel Obligation structure, Renewable Obligation Certificates and the Renewable Heat Incentive, with a focus on thermal renewable power plants (biomass, waste and anaerobic digestion). Currently, Alex is working on both hydrogen production and storage as well as Battery Energy Storage Systems (BESS) as an advisor and developer. Alex has worked in Europe, the Middle East, Asia and the USA in roles including technical lead, developer, board member and lender advisor.
Speaking to the appointment of Mr. Dickinson, Margaret McKenna, Westbridge COO and director said, "Alex is an energy sector veteran whose expertise in BESS and hydrogen brings valuable and complementary skills to our team, which will assist Westbridge in the execution of its strategic plans with respect to enabling technologies. We are very excited to welcome him."
General Corporate Update
The Company filed its Interim Financial Statements and related MD&A for the quarter ended August 31, 2021.
Cash for the period ended August 31 was $4,477,441, a decrease of approximately $63,000 since the closing of the RTO transaction on June 17, 2021. This reflected development expenditure in the period of $81,000, costs associated with the RTO of $72,000 and other SG&A costs of $66,000 offset by $156,000 received from the exercise of outstanding options and warrants in the period.
This cash balance and recent inflows from the exercising of 100% of the warrants expiring in December 2021 leaves the Company well capitalized to advance its current portfolio of 499 MW to the anticipated first monetization in 2022.
The Company's MD&A and Financial Statements are available on www.westbridge.energy and on its SEDAR company profile.
Georgetown 278 MWp project, Alberta Canada
As part of the stakeholder engagement program, an open house information session about the Georgetown project was held on October 21, 2021, in Mossleigh, Alberta. The team received insightful feedback from the community and plans to further the discussions, comments and questions in the next round of personal consultations.
The Georgetown project continues to advance through the Alberta Electric System Operator (AESO) process and the team is pleased with its progress to date.
Accalia Point 221 MWp project in Texas, USA
The Full Interconnection Studies ("FIS") for the Accalia Point project have started with the local Transmission Service Provider, Sharyland Utilities. The FIS combines highly technical interconnection electrical studies, which include a system impact study, a stability study, and a facility study. After completing the FIS in 2022, the project will enter into an interconnection agreement with Sharyland Utilities.
Environmental field studies are anticipated to begin before year-end.
Origination Pipeline
Throughout the third quarter of 2021, the Company's origination team has continued the identification and evaluation of greenfield solar and battery storage development opportunities in the Company's target markets of Canada, the United States and the United Kingdom.
In parallel to due diligence activities required for the approval of the investments, discussions are taking place with several landowners to potentially secure control of various sites.
The Company will provide updates in due course in the event that it enters into definitive agreements for any such acquisitions or investments.
Options
Pursuant to its Stock Option Plan, the Company has granted 5,950,000 stock options to officers, directors, and consultants, exercisable at $0.30 per share, and expiring November 2, 2026.
The Company maintains cash compensation below market comparables and believes that share and option-based compensation is the best way to align the interests of management and shareholders.
On behalf of the Board of Directors
Scott M. Kelly
Executive Chair & Director
Westbridge Energy Corporation
+1 604-687-7767
www.westbridge.energy
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements about the Company's expectations regarding the development of its energy storage sites in the United Kingdom, the anticipated sufficiency of the Company's current capitalization, anticipated steps, timing and costs relating to the development of the Company's projects in Alberta and Texas, and potential future acquisitions through the Company's origination pipeline, each of which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive, and social uncertainties, and availability of permits and financing upon terms acceptable to the Company or at all. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
SOURCE: Westbridge Energy Corporation