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Active Energy Group PLC - London-based biomass focused renewable energy business - First half pretax loss widens to USD2.0 million from USD610,408 a year earlier, revenue climbs to USD636,241 from USD499,893. Declares no interim dividend.
Active says it is "well placed" to deliver on growing need for sustainable power. Convinced that CoalSwitch fuel can form part of energy transition, so aims to design and construct a 70,000 tonne per annum CoalSwitch facility.
"With a restructured balance sheet, AEG's next key goal is to expand its production capacity to become a leading biomass fuel producer of next generation biomass fuels," says Chief Executive Michael Rowan. "The road to produce CoalSwitch is challenging, but the achievements of 2021 to date have provided confidence to the Board of the next phase for growth."
In August, Active Energy temporarily suspended production of CoalSwitch after one of the reactors failed at its Ashland plant. The reactor failure was caused by the failure of a monitoring component which led to an unexpected interruption in a production cycle. Both reactors were deemed inoperable in review and needed replacing.
Current stock price: 0.42 pence, down 1.2% on Tuesday
Year-to-date change: down 70%
By Josie O'Brien; josieobrien@alliancenews.com
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