The group has now identified the regions in which it wishes to operate - primarily the USA, Canada and Europe – and has exited the low margin, high-risk Ukrainian wood fibre operations, leaving it to focus on its coal replacement biomass fuel, CoalSwitch, and its engineered soils derivative, PeatSwitch.
The cost of restructuring the business was reflected in the financial results, with the pre-revenue company posting a loss of US$14.78mln, compared to a loss of US$2.49mln the year before. Losses included a US$7.28mln loss from discontinued operations.
In line with the focused corporate strategy and execution of the new opportunities in Canada and Europe, it has been agreed that chief executive officer (CEO) Richard Spinks will step down from the CEO role at next month’s annual general meeting to focus his efforts on the development of CoalSwitch, new business opportunities in Poland and the forestry management activities in North America.
Spinks will remain on the board but CEO responsibilities will devolve to executive chairman, Michael Rowan.
“2017 presented challenges, but with the continued dedication of our team, combined with the inherent value in our technology and business model, I am confident that we can reach our commercial and strategic goals, as we look to revolutionise the traditional coal fired-power and biomass industries, through the commercialisation of our second-generation biomass fuel and its derivative products,” Rowan said.Active Energy Group PLC focused on CoalSwitch after year of restructuring