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(Sharecast News) - Renewable energy business Active Energy has entered into an agreement with its joint venture partner Renewable Logistics Systems to control of the sawmill and log export activities at its industrial site in North Carolina.
Active Energy will acquire control of the joint venture and then consolidate all existing lumber activities at Lumberton through Active Energy Renewable Power, a wholly-owned subsidiary which was incorporated in North Carolina in October 2018.
The AIM-listed group highlighted that despite current market conditions, the business was still active. AEG added that it intends to continue all its lumber activities and in the medium term, focus on boosting production and additional capital expenditure, including installing additional sawmill capacity, adjacent to the existing operations and the forthcoming CoalSwitch facility,
Chief executive Michael Rowan said: "The initial joint venture with RLS was an important milestone and with their invaluable assistance, operations have commenced at Lumberton. These existing operations are already generating revenues for AEG and with the team, headed by Roger Richardson Jr, we believe this transaction will provide a solid foundation for the group's future growth at Lumberton.
"The transaction will further complement our existing CoalSwitch and black pellet fuel business activities, generating additional customer access and greater market presence in North Carolina to ensure AEG benefits from low-cost feedstock within the region."
As of 1300 BST, Active Energy shares were up 11.73% at 0.42p.
12 Aug 2015 07:16