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Active Energy inks lease agreements for Lumberton site

"Our intention for the Lumberton Site was to create a strategic hub to house the first permanent CoalSwitch production facility, in addition to generating other incremental sources of revenue for Active Energy," Michael Rowan said.

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The lease agreements give an immediate source of revenue

Active Energy Group PLC (LON:AEG) told investors that it has signed two lease agreements for its recently acquired Lumberton commercial plant, in North Carolina.

One is with Tencate Protective Fabrics which is an existing tenant at the site, and, the company noted that the new agreement included an increase in rent.

It also signed an agreement with Renewable Logistics Systems - including for land within the site - which is to carry out saw logging and wood processing to complement Active Energy’s activities relating to CoalSwitch and biomass operations.

READ: Active Energy gears up to start CoalSwitch production

Active Energy noted that the lease agreements will provide an immediate source of revenue as it advances its plans for the site, and said construction of the CoalSwitch plant will start imminently.

"Our intention for the Lumberton Site was to create a strategic hub to house the first permanent CoalSwitch production facility, in addition to generating other incremental sources of revenue for Active Energy, whilst delivering a positive impact on the local economy,” said Michael Rowan, Active Energy's chief executive.

“These lease agreements not only demonstrate how the company is committed to supporting local business but also provide AEG with a valued source of revenue that will assist in the future development of the Lumberton Site.

“Notably, the agreement with RLS enables AEG to commence a saw logging operation at the Lumberton Site and presents additional complementary opportunities to the company."

Quick facts: Active Energy Group PLC

Price: 0.455 GBX

LSE:AEG
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Market Cap: £5.47 m
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