What Chariot does

Chariot Limited is an Africa-focused transitional energy group listed on the AIM market of the London Stock Exchange (LON:CHAR, with ASX:CC9 and OTC:OIGLF listings) and incorporated in Guernsey (registered number 47532, headquartered in St Peter Port with UK offices in London). The company operates through three pillars — Upstream Oil & Gas, Renewable Power and Green Hydrogen — and was previously known as Chariot Oil & Gas Limited before re-positioning around 2020–2021 toward a transitional energy model. Its core operations span Morocco (Lixus, Rissana and Loukos licences at 75% working interest alongside ONHYM, including the Anchois gas discovery), Angola (economic exposure to up to 4,000 bopd via the Etu Energias Blocks 14/14K deal backed by Shell), Mauritania (Project Nour green hydrogen, 50/50 with TotalEnergies H2, across ~5,000 km²), South Africa (Etana Energy electricity trading JV plus Zen 100MW and Bergriver 94MW wind, Buffelspoort 40MW solar), Zambia (225MW solar with TotalEnergies for First Quantum), Zimbabwe (30MW solar for Karo with Solarcentury), and Nigeria (66.7% lithium portfolio across 254 km²).

The technology base combines subsurface oil & gas exploration and development capabilities, licensed electricity trading and grid aggregation through Etana Energy's NERSA-licensed 'many generators to many offtakers' platform, and renewable generation assets (wind and solar) plus planned large-scale electrolysis for green hydrogen. Chariot's go-to-market is enterprise field sales anchored on long-term offtake agreements, joint ventures with major energy players (TotalEnergies, Shell, Energean, Vivo Energy, ACWA Power, Acciona Energia, H1 Holdings) and state partners (ONHYM, Mauritania's Ministry of Petroleum, Energy and Mines), and over 20 signed long-term Power Purchase Agreements with large South African commercial and industrial offtakers.

The business model is multi-stream and largely pre-revenue at present: future production-based income from Angola oil exposure (financed by Shell's US$170M offtake-linked package), PPA-based recurring income from South African wind/solar supply beginning late 2027, electricity-trading margin from Etana Energy, and planned future green hydrogen and ammonia offtake. Chariot funds its growth through repeated AIM-listed equity placings (approximately £11.7M in 2021, £5.5M in May 2025, US$20M in February 2026) and non-recourse project finance at the subsidiary level (US$175M of guarantee finance and equity for Etana Energy). With a market capitalization of approximately £45 million as of April 2026 and 11–50 employees, Chariot is a small-cap developer operating across multiple high-growth African energy verticals simultaneously, executing against a back-end-loaded monetization timeline.

Name

Chariot

Legal name

Chariot Limited

Website

https://chariotenergygroup.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Chariot Limited is an AIM-listed Africa-focused transitional energy group operating three pillars — Upstream Oil & Gas (Morocco, Angola), Renewable Power (Etana Energy trading JV, South African wind/solar PPAs) and Green Hydrogen (Project Nour, Mauritania) — serving mining and large industrial offtakers across Africa.

Ownership category

akta.pro rank

Product category

Integrated Energy (Oil & Gas Exploration and Renewable Power Generation)

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Oil and Gas Field Machinery and Equipment Manufacturing (333132), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361)

SIC

Crude Petroleum & Natural Gas (1311), Engines & Turbines (3510), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Fleet Smart Charging & Depot Energy Management (Bus/Truck/Delivery) (EUAFAMAE)

akta.pro secondary industry

Hydropower Turbines, Generators & Balance-of-Plant Equipment Manufacturing (EUAMAHAF)

Keywords

• Upstream oil and gas
• Renewable power generation
• Green hydrogen production
• Electricity trading platform
• Power purchase agreements

Headquarters

HQ city

St. Peter Port

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Upstream oil and gas production: Chariot generates revenue through oil and gas production and economic exposure to producing assets. Following the Angola deal, the company gains economic exposure equivalent to up to 4,000 bopd from Blocks 14 and 14K. Anchois gas field in Morocco is in development. Revenue will be a mix of production-based income and development/exploration upside.
2. Renewable power generation and trading: Revenue generated through the Etana Energy electricity trading platform (licensed by NERSA) which aggregates power from generators and wheels it to commercial and industrial offtakers. Additionally, Chariot holds equity stakes in wind/solar generation assets (Zen 100MW, Bergriver 94MW, Buffelspoort 40MW, First Quantum 225MW, Karo 30MW) which sell power into the market. Revenue model combines trading margin and PPA-based generation income.
3. Green hydrogen production (future): Planned revenue stream from large-scale green hydrogen production at Project Nour in Mauritania. The project targets first phase production of 150 ktpa of green hydrogen via 1.6 GW electrolysis, with offtake possibilities including domestic green steel production and export of green ammonia. Currently pre-revenue, still in development.
4. Power Purchase Agreement (PPA) income: Long-term PPA revenue streams from wind and solar generation projects in South Africa (e.g., 10-year 220MW Sibanye-Stillwater deal, 15-year Tharisa PPA, First Quantum 225MW solar), with supply scheduled to begin from late 2027.

Go-to-market motion3 records

Marketing channels7 records

Core offering

Chariot is an Africa-focused integrated energy group operating three core business streams: Upstream Oil & Gas (exploration, development and economic production exposure in Morocco and offshore Angola), Renewable Power (electricity trading through the Etana Energy joint venture in South Africa and power-to-mining generation projects), and Green Hydrogen (large-scale electrolysis project Project Nour in Mauritania in partnership with TotalEnergies H2). The company generates revenue through oil and gas production, long-term Power Purchase Agreements with industrial and mining offtakers, and electricity trading margins, with green hydrogen and lithium mining in development.

Product overview

Chariot is a single integrated Africa-focused energy group operating through three core business streams — Upstream Oil & Gas, Renewable Power, and Green Hydrogen — rather than a software platform with modules. The Upstream Oil & Gas business centres on the Moroccan Licences (Lixus, Rissana, Loukos) and the Anchois Gas Field, together with economic exposure to Offshore Angola Production (Blocks 14 and 14K) via the Etu Energias deal; the Renewable Power business combines the Etana Energy electricity trading joint venture with direct stakes in wind and solar generation assets including the Zen Wind Farm (100MW) and Bergriver Wind Farm (94MW), the First Quantum Minerals Solar Development (225MW), the Tharisa Buffelspoort Solar PV Project (40MW), and the Karo Platinum Mine Solar Plant (30MW); and the Green Hydrogen business is led by Project Nour in Mauritania, a 50/50 partnership with TotalEnergies H2. Adjacent to these, Chariot holds the Nigeria Lithium Mining Portfolio as a small-scale mining venture. Together these three pillars and the lithium interest form the company's overall product and service offering across the African energy value chain.

Differentiator

Problem solved

Functional benefit

Brands

• Etana Energy: Licensed South African electricity trader and renewable energy offtaker, in which Chariot holds a 34% economic interest through its subsidiary Chariot Generation and Trading; supplies renewable power via PPAs to customers including Sibanye-Stillwater, Growthpoint, Autocast, Petra Diamonds, Tharisa, and the V&A Waterfront.
• Project Nour

Products and services

• Upstream Oil & Gas Chariot's core upstream business is focused on building a balanced portfolio of production, development, and exploration assets across Africa, including economic exposure to offshore Angola production (Blocks 14 and 14K, up to 4,000 bopd) and operated and partner-operated interests in Morocco covering the Lixus, Rissana, and Loukos licences.
• Renewable Power Chariot's Renewable Power business provides competitive, sustainable, and reliable energy through generating and trading renewable power in South Africa and developing power-to-mining projects across the continent, anchored by a 34% economic interest in the Etana Energy electricity trading joint venture and direct stakes in wind and solar generation projects.
• Green Hydrogen Chariot's Green Hydrogen business is centred on Project Nour in Mauritania, a 50/50 partnership with TotalEnergies H2 (TEH2) covering approximately 5,000 km² in northern Mauritania, with first-phase plans for 3 GW renewable capacity powering up to 1.6 GW of electrolysis to produce 150 ktpa of green hydrogen for domestic and export offtake.
• Etana Energy Electricity Trading Platform Etana Energy is a licensed electricity trader in South Africa operating a 'many generators to many offtakers' model that aggregates and wheels electricity across South Africa's national grid to commercial and industrial users; Chariot's subsidiary Chariot Generation and Trading holds a 34% economic interest, alongside H1 Holdings (36%), Norfund (20%), and Standard Bank (10%).
• Anchois Gas Field The Anchois gas field is located in the Lixus offshore licence, Morocco, where Chariot is re-scoping the development to optimise the plan based on core resources found in wells drilled to date; significant gas resources were discovered at the Anchois-2 well in January 2022, and a subsequent Anchois-3 drilling campaign was concluded in September 2024.
• Project Nour (Mauritania Green Hydrogen) Project Nour is Chariot's flagship green hydrogen project in northern Mauritania, spanning two onshore areas totalling approximately 5,000 km²; it is equally owned in a 50/50 partnership with TotalEnergies H2 (TEH2) and targets up to 10 GW of renewable power generation potential, with a first phase of 3 GW renewable capacity powering up to 1.6 GW of electrolysis to produce 150 ktpa of green hydrogen.
• Nigeria Lithium Mining Portfolio Chariot holds a 66.7% interest in a Nigerian lithium portfolio covering 254 km² of prospective lithium-bearing pegmatites across the Fonlo, Gbugbu, Iganna, and Saki project clusters, with a three-phase plan to convert existing artisanal mining into scalable production.

Quantifiable outcome

• Over 20 long-term Power Purchase Agreements signed by Etana Energy with some of the largest electricity consumers in South Africa
• +5 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Scale indicators17 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Africa Energy Corp: TSX-V-listed Africa-focused upstream E&P company with exposure to offshore South Africa (Block 2B), South Africa's Orange Basin, and a stake in Impact Oil & Gas. Comparable in size, African upstream focus, and minority-participation strategy.
• Panoro Energy: Oslo-listed Africa-focused E&P company with producing assets in Equatorial Guinea, Tunisia, and Gabon, plus exploration in South Africa. Comparable African upstream focus with a stronger production base, providing a relevant scale and strategy benchmark.
• Tower Resources: AIM-listed Africa-focused upstream oil and gas junior with interests in Cameroon, South Africa, and Namibia. Similar small-cap, partnership-driven Africa E&P profile to Chariot's pre-2026 oil and gas operations.
• Eco (Atlantic) Oil & Gas: AIM/TSX-V-listed Africa-focused upstream oil and gas junior with offshore exploration interests in South Africa, Guyana, and Namibia. Closely comparable to Chariot in scale, jurisdiction focus, and partnership-driven development model.
• Predator Oil & Gas: AIM-listed junior with a primary focus on the Guercif and Tarfaya onshore licences in Morocco, overlapping directly with Chariot's Moroccan upstream portfolio. Comparable in size, jurisdiction mix, and pre-revenue exploration profile.

Emerging players

• Hyphen Hydrogen Energy: Namibia-based green hydrogen developer with a planned multi-GW project in the Tsau //Khaeb National Park, backed by the Government of Namibia. Comparable to Project Nour as a large-scale African green hydrogen project in pre-FID development.
• CWP Global: Mauritania-headquartered renewable energy developer with multiple large-scale wind, solar, and green hydrogen projects across Africa, including the AMUN green hydrogen project. Direct overlap with Chariot on African renewables and green hydrogen development.

Broad incumbents

• Globeleq: UK-based power IPP with a portfolio of renewable and thermal generation assets across Africa. Comparable as a major Africa-focused independent power producer competing for similar C&I and utility-scale renewable opportunities in southern Africa.
• Sasol: South African integrated chemicals and energy group with significant natural gas, renewables, and green hydrogen investments. Comparable across all three Chariot pillars at much larger scale, providing an integrated peer benchmark.
• Enel Green Power: Global renewables developer with established South African wind and solar operations. Comparable as a large-scale incumbent operating in the same South African C&I renewable market that Etana targets.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/chariot_energy

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chariot