Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF) has detailed its challenges with its CoalSwitch project in delayed audited results for the year ending 31 December, 2023.
The company faced delays in production at the Ashland Reference Facility in Maine due to issues with its engineering partner, Player Design (PDI).
Active Energy’s partnership with PDI was terminated after PDI indicated further delays and an inability to meet the agreed terms.
In a settlement reached in March 2024, PDI returned equipment and funds to Active Energy, but the project has since been put on hold.
Active Energy is now focusing on alternative strategies to monetise its CoalSwitch intellectual property.
The company stated: “Active Energy spent most of 2023 focused on trying to ensure that the vital business components for its commercial success were established and that the Company could successfully move towards a production facility for CoalSwitch fuel.
“Given the company's constrained access to capital throughout the year, the company had to continuously balance the strategic goals with economic realities.
“As events post the year end demonstrated and despite all the positive contributions made by all members of Active Energy’s team during the last 18 months, the company had to sadly succumb to these economic realities in 2024.”
Financially, Active Energy reported an operating loss of $15.52 million. The company ended the year with $320,000 in cash.
Active Energy’s AIM-listed shares have been suspended since July.