Alpha Prospects Ltd, the investment management company focussed on companies with fast growth prospects, is pleased to inform shareholders of an update issued today by its investee company Active Energy Group Plc (‘Active Energy’, ‘AEG’, ‘the Company’).
“Active Energy (AIM: AEG, OTCQB: ATGVF), the international biomass based renewable energy business, is pleased to announce that Player Design Inc (“PDI”) has informed the Company that it has received the relevant permit (the “Permit”) for the construction and operation of a CoalSwitch® manufacturing facility at PDI’s site at Ashland, Maine (the “Ashland Facility”).
The Permit, which has been granted by the Department of Environmental Protection in the State of Maine (the “Department”), will: a) allow PDI to immediately commence the final stage of construction for the CoalSwitch® production plant (the “CoalSwitch® Plant”) at the Ashland Facility; and b) permit manufacturing operations at the CoalSwitch® Plant to commence. Under the terms of the Permit, PDI must provide certain additional data to the Department within an initial six-month period.
PDI has confirmed to Active Energy that construction of the CoalSwitch® Plant is due to be completed in Q3 2023 with first production of CoalSwitch® pellets being available for delivery to AEG’s potential customers during the same quarter. The initial annualised production volumes are anticipated by PDI to remain at a target rate of 35,000 tons per annum and Active Energy will make any CoalSwitch® produced available for delivery to the Company’s identified customers in the US and in Europe.
In conjunction with the developments at the Ashland Facility, Active Energy continues to receive increasing enquiries for the CoalSwitch® technology. In recent weeks, Active Energy has commenced work on additional joint venture production licenses in the US and is working on these licenses to develop the production technology to suit specific facilities. This will, the Company anticipates, further accelerate production volumes in US.
Tyler Player, President of Player Design Inc, commented:
“I am grateful for the support from the State of Maine for all their efforts to ensure a successful conclusion to the permit applications for our facility at Ashland. The project will now move to the final phase of construction and assembly at Ashland and the initial production of CoalSwitch® fuel. I look forward to making the first deliveries of fuel to Active Energy in the coming months. I am confident of providing the operating data to the State of Maine which will allow for permanent operation of the CoalSwitch® Plant.”
Michael Rowan, CEO of Active Energy, commented:
“We are delighted that PDI has received the Permit which will allow them to commence production of our next generation biomass fuel, CoalSwitch®. Active Energy has continued to raise the profile of CoalSwitch® with potential customers, both in the US and internationally, and will be sending product to these customers immediately after first production. We look forward to working closely with PDI towards production and we would also like to thank the State of Maine for their ongoing support throughout this process.”
|Active Energy Group Plc||Michael Rowan (Chief Executive Officer)|
Michelle Fagan (Chief Financial Officer)
|Allenby Capital Limited|
Nominated Adviser and Broker
|Nick Naylor/James Reeve/Daniel Dearden-Williams (Corporate Finance)|
Amrit Nahal (Sales/Corporate Broking)
|Office: +44 (0)20 3328 5656|
Financial PR Adviser
|Tom Huddart / Emily Hall / Lily Pettifaremail@example.com|
Office: +44 (0)20 3757 4980
US PR Adviser
About Active Energy Group
Headquartered in London with operations in the United States, Active Energy Group plc (AIM: AEG, OTCQB:ATGVF) is a biomass-based renewable energy company focused on the production and development of next generation biomass products that have the potential to transform coal fired power and heavy industries and the existing renewable biomass industry.
Active Energy has developed a proprietary technology which transforms waste biomass material into highvalue renewable fuels. Its patented product CoalSwitch® is a leading drop-in biomass renewable fuel that can be blended and co-fired with coal at any ratio without requiring significant plant modification or wholly replacing existing biomass fuels. In 2022 Active Energy’s partner, Player Design Inc commenced the process for building a production facility for Coalswitch® at PDI’s facility at Ashland, Maine. Under a “take or pay” arrangement Active Energy will purchase CoalSwitch® from PDI for sale to the Company’s prospective customers in the US and Europe.”