ion Ventures

KEY FACTS

• ion is a South East Asian and UK focused developer of clean energy projects, primarily energy storage
• Coro has acquired a 20.3% interest
• Coro will be the joint largest shareholder and will appoint a representative to sit on the ion Ventures Board of Directors
• Ion’s business model is to originate and develop energy storage projects. Following financial close for individual projects, ion generates earnings through:
  • Yield from its carried interest
  • Management fees earned through ion’s continuing role as project manager and operator of assets
• ion Ventures pipeline of energy storage projects includes:
  • 50 MW of projects across the South East Asian region, including Thailand, the Philippines and Indonesia
  • 115 MW of shovel-ready projects in the UK
• The acquisition provides Coro with:
  • Access to a pipeline of 20 high quality clean energy projects across South East Asia
  • Coro has been granted a right of first refusal (“ROFR”) to invest in each of ion Venture’s projects
  • Alignment with a team of regional experts who have extensive industry experience
  • Near-term value inflection points as financial close reached on ion’s shovel-ready projects

THE CASE FOR ENERGY STORAGE

“The next major frontier in electrification”

• The global energy transition is underway and investment in renewables is increasing significantly
• In 2018, the Association of Southeast Asian Nations (ASEAN) committed to meeting 23 percent of its primary energy needs from renewables by 2025.
• Intermittency of renewable energy generation such as wind and solar increases the volatility of supply to electricity grids
• Energy storage assets, such as batteries, are vital for managing this volatility by balancing periods of peak supply and demand
• Batteries can also be used to support off-grid power systems, such as those in rural areas and across the archipelagos of South East Asia
• An estimated 50 GW of new storage is required in South East Asia by 2040 to support increasing renewables investment

“Storage plays an increasingly vital role in ensuring the flexible operation of power systems” IEA World Energy Outlook 2020

“Electricity storage makes possible a transport sector dominated by electric vehicles (EVs), enables effective, 24-hour off-grid solar home systems and supports 100% renewable mini-grids.” IRENA 2017

FUTURE FOCUS

• ion will use Coro’s £500,000 investment to mature its pipeline of energy storage projects to financial close
• Mature projects are expected to be cash generative within 12 months of financial close, reflecting a short development cycle
• Dan Taylor, co-founder of ion Ventures, introduces the company in the following presentation: