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(Alliance News) - Active Energy Group PLC said Monday it has raised GBP3.4 million through a subscription of series B convertible loan notes by new and existing investors.
Proceeds from the fundraise will go towards the construction of a five tonne per hour CoalSwitch plant at Active Energy's 151 acres industrial site in Lumberton, US, as well as supporting the engineering work streams that will go towards a 50 tonnes per hour plant.
Shares in the biomass-based renewable energy business were down 1.2% at 0.385 pence on Monday, giving it a market capitalisation of GBP4.6 million.
The newly issued loan notes will have a conversion price of 1 pence each, a maturity date of March 15, 2022, and accrue interest at 8% per annum.
"This GBP3.4 million funding will enable us to accelerate the construction of our 5 tonne per hour plant and the subsequent delivery of first commercial CoalSwitch product, which will drive revenues in the short to medium term and mark a watershed in the company's development," said Chief Executive Michael Rowan.
