LONDON (Alliance News) - Active Energy Group PLC said Monday that it amended its application for the Crown Timber licence and forestry management agreement with the Canadian government after meetings were held with several ministries.
Active Energy shares were trading down 9.4% at 2.18 pence each.
Last month, the renewable energy company said the application to the government of the Province of Newfoundland and Labrador in Canada were still under the final stages of review by relevant departments.
After meeting with the ministries, Active Energy decided to amend its application to focus exclusively on the forestry opportunities and the development of one or more dedicated CoalSwitch plants.
The company said that the Province, the Ministry of Fisheries and Land Resources and the Ministry of Tourism, Culture, Industry and Innovation continue to support the advancement of the application to final approval.
At the end of July, the government had said it expected the review to be completed at the end of the month, with final approval expected in August.
"Active Energy has been given no reason to be concerned at the delay in the process and can confirm that it is encouraged by the positive and supportive approach by all government departments to the questions presented and requests made," the company said.
It added: "The company continues to believe that a significant long term commercial opportunity exists for both the company and the province through the introduction of its proprietary CoalSwitch biomass-based fuel as a significant export revenue generator for the province."
Active Energy (AEG)