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(Alliance News) - Active Energy Group PLC on Monday said it swung to profit in 2019, helped by licence income from its CoalSwitch technology.
The renewable energy firm's revenue in 2019 surged to USD1.7 million from USD195,000. Active Energy swung to a pretax profit of USD841,898 from USD1.4 million.
Chief Executive Officer Michael Rowan said: "In 2019 and the first four months of 2020 we have rebuilt our corporate platform to accommodate and capture the commercial opportunities available to AEG. We have the right strategy, with revenue generation from our lumber activities complementing our aim of creating a strategic hub for CoalSwitch development, to deliver returns for all stakeholders."
The company's revenue rise reflected "licence income associated with AEG's CoalSwitch technology, rental income from AEG's Lumberton site and the provision of engineering consultancy services".
The CoalSwitch technology is Active Energy's biomass-based fuel which can be used in coal-fired power stations.
"2020 will be an important year in AEG's history and we believe we have the right board and management to deliver on our strategy as we seek to become a leading provider of next-generation biomass fuels," Rowan added.
Shares in the company were 10% higher at 0.43 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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