Active Energy to beef-up board after Evans-Jones opts to focus on the Advanced Biomass Solutions business
AEG said Evans-Jones’s decision was prompted by the increasing commercial interest in CoalSwitch from the south-east Asia region. The ABS business unit will continue to develop AEG's network of commercial partners in the forestry and plantation sectors in the Asia region as the group assesses new markets for CoalSwitch.READ: Active Energy set for commercial scale launch of CoalSwitch biomass fuel
"ABS has made progress building relationships with potential financial partners to fund the CoalSwitch plant roll-out programme,” said Michael Rowan, the non-executive chairman of AEG.
“Major oil palm producers are now evaluating CoalSwitch as the biomass fuel of choice, due to it being the only technology available that can process the industry's waste, which contains high amounts of potassium. Furthermore, coal-fired power plants throughout the region are increasingly being required to change to biomass. We believe this creates a significant opportunity for the Group as CoalSwitch is the only technology capable of producing biomass pellets to be co-fired with coal at those levels," he added.READ: Active Energy welcomes support from Governor of Utah for CoalSwitch
For the time being, AEG will only have two directors on the board but it is on the hunt for a new finance director and intends at some point in the near future to appoint a new independent non-executive director.
Shares in AEG were up 2.2% in a market that was down 2.2% following the news.