logo-loader
viewActive Energy Group PLC

Active Energy moves closer to production at Lumberton site after year of milestones

“2018 was a pivotal year for Active Energy," said chief executive Michael Rowan.

active energy
CoalSwitch is a biomass-based fuel that uses waste wood

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.

Quick facts: Active Energy Group PLC

Price: 0.452 GBX

LSE:AEG
Market: LSE
Market Cap: £5.43 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Proactive's Ryan Long discusses the tin equivalent grade curve for tin deposits

Proactive's Ryan Long looks at the tin equivalent grade curve for the different types of tin deposit - defining high, mid and low-grade categories. He's calculated the tin equivalent grade using current metals prices where available for the bi product metals to show how the deposits sit...

2 hours, 38 minutes ago

2 min read