Active Energy Group PLC (LON:AEG) chairman Michael Rowan said he is looking forward to a highly active period as the company advances its ABS and Timberlands ventures.
The forestry management and biomass energy company released a statement on Monday ahead of its AGM which takes place this morning in London.
Rowan highlighted that the restructuring plan is continuing with the focus on affiliate companies Advanced Biomass Solutions (ABS) and forestry business Timberlands International, which were established to maximise the commercial opportunities seen by the company in recent months.
READ: Active Energy surges on timber licence and forest management deal with the Province of Newfoundland and Labrador
Additionally, he also noted: “With regards to the proposed disposal of our Ukrainian wood fibre processing operation, we continue to evaluate the optimal path in terms of value and hope to provide our shareholders with a further update shortly.
“On completion, the group's geographic risk profile will be reduced and the management team will be able to focus on the development of Timberlands and ABS.”
READ: Active Energy to sell off Ukrainian WoodFibre business as it unveils new structure
ABS plant construction nearing completion
The chairman noted that that in the United States the ABS unit is working on the construction of a five-tonne-per-hour coal-switch plant, which has started in Utah, with completion expected in September.
A testing programme, lasting a minimum of 30 days, will follow the completion of construction, before it is shipped to its operating destination.
Timberlands going for forestry licences
The Timberlands forestry operation in Canada is advancing, with the group expecting to make a submission for forestry management licences in the Province of Newfoundland and Labrador.
It highlighted that the two forestry management districts have a total land area of 1,211,000 hectares, in proximity to ocean port facilities with shipping routes to Europe.