Proactive Investors - Run By Investors For Investors

Active Energy completes acquisition of industrial site in North Carolina which is to become its CoalSwitch base

Active Energy announced the US$3.3mln (£2.5mln) acquisition of Lumberton from vendor Alamac on 4 March, with the deal to be funded by a US$3.41mln convertible loan note
Forestry work
CoalSwitch is a biomass fuel made from waste wood normally left to decompose following forestry operations

Active Energy PLC (LON:AEG) said it has completed its acquisition of the industrial site in Lumberton, North Carolina, which is to become its CoalSwitch base, with all outstanding conditions now satisfied.

The AIM-listed renewable energy and forestry management business pointed out that the Lumberton site will become the new base for all its CoalSwitch operations in the US and house the first permanent production facility for the biomass fuel. 

READ: Active Energy acquires North Carolina site to be Coalswitch hub

Active Energy announced the US$3.3mln (£2.5mln) acquisition of Lumberton from vendor Alamac on 4 March, with the deal to be funded by a US$3.41mln convertible loan note.

The company said it is looking forward to providing further updates regarding the development of the Lumberton site and the installation of the initial CoalSwitch plant as appropriate.

CoalSwitch is made from waste wood normally left to decompose following forestry operations.

This includes pulp and sawmill by-products such as bark, sawdust and thinnings, and wood which is over-age, under-quality, blow-down, beetle-kill, forest-fire damaged, or industrial waste.

The aim is to roll CoalSwitch out where Active Energy can source high volume feedstock.

View full AEG profile View Profile

Active Energy Group PLC Timeline

Related Articles

oil rig
May 08 2019
The NJOM3 well will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones
oil
February 16 2019
ExxonMobil has made ten discoveries on the neighbouring Stabroek Block with an estimated 5bn barrels of oil
Statue is offset by European Union and Italian flags mounted on a building
May 10 2019
Selva onshore gasfield is a company focus and has 13.3 billion cubic feet of reserves.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use