AEG receives first order for CoalSwitch™
Alpha Prospects Limited, the investment management company focussed on companies with fast growth and/or recovery prospects, is pleased to inform shareholders of an update issued by its investee company Active Energy Group Plc (‘Active Energy’, ‘AEG’, ‘the Company’).
Active Energy, the London quoted international biomass based renewable energy and forestry management business, is pleased to announce it has received its first order for CoalSwitch™ from the reference plant (the “Plant”) at its Lumberton site.
The order is from PacifiCorp, the largest grid operator in the western United States that serves the growing energy demands of 1.9 million customers. AEG’s CoalSwitch™ will be burnt at PacifiCorp’s Hunter Power Plant in Utah as part of the coal/biomass co-firing demonstration being conducted by PacifiCorp.
Active Energy will be supplying up to 900 tonnes of biomass feedstock from its Lumberton site for delivery by no later than 14th June 2021. All the feedstock used for the biomass will be sourced locally, within North Carolina and processed by chipping hardwood species, including bark and treetops/branches. This commitment forms part of AEG’s strategy to produce a biomass solution including waste materials from the lumber industry.
Following the Company’s announcement on 3 December 2020, work on the CoalSwitch™ plant continues to progress, with construction activity increasing early in the New Year. AEG and Player Design Inc. anticipate the commissioning of the first CoalSwitch™ Plant in Q2 2021.
Additionally, AEG is also currently in discussions with a number of other prospective utility and power customers in the USA to test the CoalSwitch™ fuels as soon as practicable.
Michael Rowan, CEO of Active Energy, said:
“We are delighted to have received our first order of CoalSwitch™ from PacifiCorp. This is a seminal moment for AEG as we deliver our first commercial product to a major US based customer. We are on track with our business plan and we are working at great pace to commission the Plant and fulfil the interest for the Coalswitch™ product. We are also pleased to confirm that the order will also be fulfilled using waste materials as a key component of the next generation biomass fuels and which will be a core value of Active Energy’s future biomass goals. I look forward to providing all stakeholders with regular updates as the CoalSwitch™ Plant progresses towards production.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Company website: www.aegplc.com
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About Alpha Prospects
The Company’s strategy is to make investments in companies with fast growth and/or recovery prospects. Typically the companies in which Alpha Prospects will invest are in the small and micro-cap sector and the Company’s interest in its investments is proactive. Currently Alpha has 11 investments.
The Directors are responsible for the contents of this announcement.