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IN BRIEF: Active Energy narrows loss; focuses on CoalSwitch production

Fri, 27th May 2022 16:00

Active Energy Group PLC - London-based biomass focused renewable energy business - Narrow pretax loss in 2021 to USD5 million from USD7.0 million the previous year. Loss includes an impairment of USD2.0 million related to damaged reactors following component failure at Ashland on the US east coast. Revenue falls sharply to USD644,914 from USD1.6 million. Assets increase to USD21.7 million from USD18.1 million. Continues to focus on delivery of the first CoalSwitch production facility in Ashland.

Chief Executive Michael Rowan says: "2021 was an important year for AEG. We have restructured the balance sheet, extinguished former financial restrictions and raised monies to start to develop CoalSwitch to commercial production. CoalSwitch was delivered to potential customers in 2021 and this has continued during 2022."

Current stock price: 0.16 pence, up 5.5%

12-month change: down 78%

By Heather Rydings; heatherrydings@alliancenews.com

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IN BRIEF: Active Energy narrows loss; focuses on CoalSwitch production

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