Proactive Investors - Run By Investors For Investors

Active Energy awarded US$500,000 to help build new US manufacturing plant

The US$500,000 building re-use and renovation grant will help fund the development of the plant in Lumberton, North Carolina
lumberton map
AEG expects to employ as many as 50 workers at the plant once it is up and running

Active Energy Group PLC (LON:AEG) shares gained on Tuesday after news it has been awarded a US$500,000 renovation grant to help build its new manufacturing site in Lumberton, North Carolina.

The grant comes after the North Carolina Rural Infrastructure Authority (NCRIA) voted to support the project last week.

READ: AEG persuading companies of the benefits of CoalSwitch

“We are delighted to receive this grant from the NCRIA and their vote of confidence as we continue to make progress on delivering our first commercial CoalSwitch product to market, which is our primary focus,” said chief executive Michael Rowan.

“Importantly, Lumberton provides a foundation for our onward expansion as it benefits from proximity to multiple power stations as well as the US Eastern Seaboard, ensuring AEG is connected to established export routes for sales of CoalSwitch domestically and internationally.”

Working with its partners in North Carolina, Active is looking to make Lumberton the base of its CoalSwitch operations in the US.

It will be the company’s first permanent production facility, employing up to 50 members of staff.

The 415,000 sq ft plant, which also comes with 151 acres of surrounding land, is situated in “prime lumber districts” where it will secure feedstock for its CoalSwitch biomass technology.

CoalSwitch is a fuel substitute made from waste wood, which would otherwise have been left to rot following forestry operations. It can replace coal in existing coal-fired power stations without requiring plant modifications.

In early afternoon trading, Active Energy shares were 3.2% higher at 0.49p.

 -- Adds share price --

View full AEG profile View Profile

Active Energy Group PLC Timeline

Related Articles

January 21 2019
The company aims to expand its portfolio of hydrocarbon resources as it prepares oil and gas projects for production and continues its regional exploration work.
A visualisation of the CNG 200 Optimum ship
March 26 2019
GEV's unique CNG 200 Optimum ships could establish a new gas transportation market.
March 02 2019
Hurricane Energy has gone from a conceptual idea to point of substantial production

© 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