LONDON (Alliance News) - Active Energy Group PLC on Friday reported a wider loss as it focuses on the commercialisation of its products.
The renewable energy business said its operating loss for the six months to June 30 was USD1.7 million, from USD1.1 million a year ago, reflecting a rise in administrative costs. The company did not generate revenue in either period.
2017 was a year of transition, the company said, as it ceased its Ukrainian wood fibre business and instead switched strategy to its CoalSwitch products and processes. This forms the basis of its derivative products, PeatSwitch and SuperFuel.
The company said its focus now lies on the commercialisation of these products in its key markets of North America and Europe.
"The board recognises that the road for shareholders has been long and that a number of commercial negotiations are still ongoing, but with the unwavering commitment of our team, combined with the inherent value in our technology and business model, I am confident that we will reach our commercial and strategic goals," said Chief Executive Michael Rowan.
Shares in Active Energy were down 6.4% at 2.25 pence on Friday.
Active Energy (AEG)