Active Energy Group PLC (LON:AEG) was higher on Thursday following news the firm has appointed an experienced US-based engineering and consulting firm to install the reactors at its industrial site in Lumberton.
The gig has gone to Absolute Welding & Consulting, a full-service, mechanical engineering company specialising in new plant construction, plant relocation, plant upgrades and retro-fits.
It is anticipated that the work will be completed this year with the five-tonne per hour CoalSwitch plant in North Carolina scheduled to be operational in the final quarter of 2019.
CoalSwitch is Active Energy’s proprietary technology that transforms low-cost biomass material into high-value green fuels.
"Following the appointment of AWC, installation of the commercial-scale reactors is set to commence later this week, progressing the construction and installation of the five tonne per hour CoalSwitch plant,” said Michael Rowan, the chief executive officer of Active Energy.
“We expect the AWC engineers to leverage their experience in plant construction to ensure that the reactors are installed in a timely manner so that Active Energy can start delivering product to market in order to generate commercial sales of CoalSwitch,” he added.
In late moirning trading, Active Energy shares were 1.3% higher at 0.41p.
-- Adds share price --