January 6 (Renewables Now) - UK battery metals and energy storage development firm Regency Mines Plc (LON:RGM) said on Friday it has completed the purchase of the remaining 20% stake in its energy storage subsidiary Allied Energy Services Ltd.
Before the buy-out, Regency Mines owned 80% of the energy storage business through its subsidiary EsTeq Ltd.
As announced last month, Regency Mines issued 2.46 million new ordinary shares in exchange for the stake in Allied Energy Services held by minority shareholders. The transaction brings the company's issued share capital to 89.3 million. The new shares are expected to begin trading on the London Stock Exchange's AIM market around January 9, according to the statement.
At the time of the announcement of the deal, the company said it has identified a number of energy storage projects in the UK.