(Alliance News) - Scirocco Energy PLC on Thursday provided an update on its investment in Energy Acquisitions Group Ltd, which owns and operates an anaerobic digestor plant in Northern Ireland.

Scirocco is a Leeds, England-based investment firm focused on assets with the European sustainable energy and circular economy markets. It owns 50% of the EAG Joint Venture, which owns and operates Greenan Generation Ltd, a 0.5 megawatt anaerobic digestor plant in Northern Ireland.

Shares in the company were trading 26% higher at 0.44 pence each in London on Thursday afternoon.

It told investors on Thursday that Greenan had performed strongly in the final quarter of last year, exceeding production, revenue, and earnings before interest, tax, depreciation, and amortisation achieved the year prior.

For the three months ended December 31, Greenan reported revenues of GBP423,000, up 26% from GBP334,000 a year prior. Ebitda increased by 48% to GBP231,000 from GBP156,000 in 2021.

The management team also upgraded all fire and gas detection systems on site and constructed a new chicken litter storage facility, as it continued to optimise biogas yields from lower cost feedstocks.

During the period, EAG signed a long term lease and commercial agreement with a leading UK fresh produce company. It said that it hopes to start construction on its first biofertilizer manufacturing plant in the second quarter of this year.

"We're delighted to provide this positive trading statement regarding operational performance of EAG and GGL. GGL site has outperformed expectations across all operational and financial KPIs and demonstrates the effectiveness of EAG management's optimisation techniques. This value uplift is a repeatable model that underpins the strategic focus on this asset type and will be applied to future plants added to the portfolio in due course. We're pleased to note EAG's progress on business development and look forward to adding a second plant to the portfolio in the coming months," said Scirocco Chief Executive Officer Tom Reynolds.

By Holly Beveridge, Alliance News reporter

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