Aim-listed Ncondezi Energy has entered into a term sheet with power developer GridX Africa Development, enabling the companies to enter into a joint venture (JV) that is focused on building and operating captive solar and battery storage solutions for the African commercial and industrial sector.
To this end, Ncondezi raised £1.88-million, or $2.48-million, though a placing of around 280-million shares at 6.50p apiece, which will be used to pay a fee in two stages to GridX of $390 000.