Active Energy Group PLC (LON:AEG) said it achieved several developmental milestones in 2018.
These milestones included completing the construction of the first plant for CoalSwitch, a biomass-based fuel that uses waste wood normally left to decompose following forestry operations.
READ: Active Energy inks lease agreements for Lumberton site
The company opened the plant in Utah at the start of 2018 but has since moved it to the Lumberton site in North Carolina, where it plans to start scalable production in the second half of this year.
The Lumberton site will be the base for all Active Energy's CoalSwitch operations in the US.
Another highlight for the year was a joint venture agreed with Georgia Renewable Power LLC to advance the commercial development of CoalSwitch.
The group’s net asset position improved to US$497,408 in 2018, compared to net liabilities of US$2.5mln the previous year. It generated revenue of US$195,000 from contracts with customers and made a loss of US$3.25mln.
“2018 was a pivotal year for AEG, where the board made the necessary decisions to optimise the commercial opportunities for CoalSwitch,” said Michael Rowan.
“The core technology has been supported by independent analysis from commercial partners and the group's sole focus must be on execution of a profitable business plan.
“Recent conversations have only supported this strategy and more prospective partners are now emerging as the Lumberton Site gets closer to scalable production.”
Last week the company signed two lease agreements for the Lumberton commercial plant with Tencate Protective Fabrics and Renewable Logistics Systems.
Active Energy expects the lease agreements to provide an immediate source of revenue as it advances its plans for the site.
