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Active Energy shares advance on Italian biomass supply deal

Active Energy shares advance on Italian biomass supply deal

Shares in Active Energy Group (LON:AEG) advanced 25% in early deals as it landed a new supply contract, to provide wood chip to Biomasse Italia SpA.

Naples-based Biomasse Italia is one of Europe’s largest biomass energy providers, the company said, with a capacity of 500 gigawatt hours, and it requires around 700,000 tonnes of biomass material each year.

The AIM quoted firm will supply Biomasse Italia with at least 240,000 tonnes over a two year period, starting in January.

"This is an important contract win and demonstrates the strengths of our business in terms of our ability to provide high quality biomass, in large volumes via our deep water port operations from reliable and sustainable sources in the Ukraine as we have demonstrated over the past two months with our initial larger volume 'Test Cargos' with BMI,” said chief executive Richard Spinks.

“The energy industry is experiencing great pressure, across Europe, with tightening supply of wood chip and forestry products in general, particularly within the EU.

“We are ideally positioned to exploit this opportunity."

On AIM the shares were up 0.62p, 25%, at 3.12p each.

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