LONDON (Alliance News) - Active Energy Group PLC on Monday said it has signed a joint venture with Biomass Energy Enhancements LLD in Utah, US to commercialise a biomass fuel manufacturing process.
Active Energy, which makes wood fibre products for MDF manufacturing, said the joint venture company, AEG CoalSwitch Ltd, will be incorporated in the UK and will hold the intellectual property rights for the fuel manufacturing process. Active Energy will own 51% of the joint venture company.
"AEG CoalSwitch is aiming to have a market-ready product - a system capable of producing high volumes of clean energy 'coal switch' Biomass fuel - by mid-2016. We have a great deal to do, but I'm confident that combining BEE's outstanding technology and expertise with Munro's world-leading engineering capabilities and AEG's international network and industry experience will herald the start of a new dawn in sustainable Biomass-fuelled power generation," said Richard Spinks, Active Energy's chief executive.
Active Energy shares were up 16% in early trade on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Active Energy (AEG)