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Active Energy Group PLC (LON:AEG)

Active Energy Group PLC (LON:AEG)


Share Price
3.24 p
Change
0.14 (4.52 %)
Market Cap
£32.38 m
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Active Energy Group PLC RNS Release

CoalSwitchT Plant to Become Fully Operational


RNS Number : 8536D
Active Energy Group PLC
05 February 2018
 

Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy

5 February 2018

                                      Active Energy Group Plc ('Active Energy', 'AEG' or 'the 'Group')

Revolutionary CoalSwitch™ Plant to Become Fully Operational

 

Active Energy, the London quoted international biomass based renewable energy and forestry management business, is pleased to announce that the Company's first commercial CoalSwitch™ plant in Utah, United States (the 'Plant'), will be officially opened this week.  During the week commencing 5 February 2018, the plant will be fully operational and will produce CoalSwitch™, AEG's revolutionary biomass fuel, in accordance with clients' specifications. Once produced, the CoalSwitch™ will be prepared for delivery under the initial offtake agreements already in place.

 

The Company will also be taking this opportunity to demonstrate, for the first time at full commercial scale, the Plant's capabilities to potential commercial partners, financiers', government representatives and officials.  Each of these parties has indicated strong interest in working with Active Energy to commercialise CoalSwitch™ in various global markets.

 

The Group believes CoalSwitch™ represents a disruptive force in the global biomass industry.  It is a unique, high-calorific, high-bulk density, advanced biomass pellet that behaves just like coal, albeit with all the environmental benefits of clean biomass. CoalSwitch™ is produced primarily from forestry waste and other industrial cellulose waste products.  Unlike the current ubiquitous white pellets and other advanced pellets, CoalSwitch™ can be co-fired with coal in existing unmodified coal-fired power plants at any ratio, up to 100%; allowing 'dirty' plant operators to fulfil their environmental obligations without the need for extensive retrofitting of power station plant and handling/storage infrastructure, and the associated costs and disruption.

 

Richard Spinks, Active Energy CEO said, "With the Plant operational, AEG can now demonstrate the delivery of commercial quantities of CoalSwitch™.   This is clearly an inflection point in the development of our business and we are delighted to welcome a select group of parties to visit the Plant this week.  In addition to seeing the fully operational Plant, the parties will receive a dedicated briefing from AEG's technical, financial and commercial teams.  

 

"We will arrange for many other organisations and potential partners to visit the Plant over the coming weeks and months as the Group expands its production capacity in Utah and elsewhere.

 

"We believe that AEG's CoalSwitch™ biomass fuel technology can make a significant contribution to the environment globally due to its unique qualities and ability to be a direct drop-in fuel to the power industry.  The fact that AEG can utilise multiple types of biomass and, most importantly, forestry waste and residuals waste wood, has generated interest from a multitude of prospective partners, including governments, corporates and utilities who all recognise the unique qualities and environmental credentials of CoalSwitch™." 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

 

Enquiries & Further Information:

 

Website

LinkedIn

 

www.active-energy.com

 

www.abs-plc.com

www.linkedin.com/company/activeenergy

 

 

 

Enquiries

Active Energy Group Plc

Michael Rowan

Non-Executive Chairman

[email protected]

 

 

Richard Spinks

Chief Executive Officer

[email protected]

 

Northland Capital Partners Limited

Nominated Adviser

 

David Hignell/Gerry Beaney

Office: +44 (0)20 3861 6625

Optiva Securities Ltd Broker

Graeme Dickson/Ed McDermott

Office: +44 (0)20 3137 1902

St Brides Partners

Financial PR Adviser

Isabel de Salis/Megan Dennison

[email protected]

Office: +44 (0) 20 7236 1177

 

 

 

 

About Active Energy Group:

Active Energy Group Plc (AIM: AEG.L) is a London Stock Exchange-listed international renewable energy business based upon forestry assets.  Its model is focussed on capturing the entire forestry value chain through sourcing, utilising and commercialising assets, and setting a new standard in the sustainable management and optimisation of timber resources.  The Company is led by a highly technical and commercial team with the experience to execute its defined growth strategy and build its visibility, primarily as a London-listed timber opportunity with a revolutionary biomass fuel technology.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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