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.
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.