LONDON (Alliance News) - Renewable energy and forestry management firm Active Energy Group on Wednesday said it completed the acquisition of an industrial site in Lumberton, North Carolina.
The new site will become a base for Active Energy's CoalSwitch operations in the US and house the first permanent production facility for CoalSwitch.
CoalSwitch is a biomass-based fuel that utilises low-value forestry, agricultural residues, and oil palm residues, the company website states.
Active Energy started the acquisition process for the 415,000 square feet of covered factory space and 151 acres of surrounding land, at the beginning of March.
The site was purchased for USD3.3 million.
Active Energy shares were trading up 1.1% at 0.62 pence each on Wednesday.
Active Energy (AEG)