Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF) (AEG) said work last year had helped it set the stage for “significant commercial progress for 2023 and beyond”.
The company is at the vanguard of the green energy revolution having pioneered a technology called CoalSwitch, which allows waste wood to be pulped down into pellets that can then be burned by traditional power stations.
Key 2022 milestones included the expansion of the company's sales function in the US and Europe and an extension of its intellectual property protection.
A major achievement this year was the commencement of engineering and construction for fuel production at the Ashland Reference Facility in the US.
Elsewhere, AEG’s senior team was bolstered by the appointment of Steve Schaar as chief operating officer and Michelle Fagan as interim chief financial officer.
“We plan to further expand the US team in 2023,” said chief executive Michael Rowan.
Financially, the company made strides in significantly narrowing the loss to US$1.34mln in 2022. More pertinently, it exited the year with US$2.6mln in the bank following the successful sale of its Lumberton site.
“The balance sheet at 31 December 2022 reflected control of cash and costs and this discipline is being maintained as we continue to actively expand our technology and business development efforts in the coming months,” CEO Rowan noted.
"Active Energy is now well prepared for growth and, with the current level of customer engagement, we look forward to reporting on significant commercial progress in 2023 and beyond."