(Alliance News) - Renewable energy and forestry management firm Active Energy PLC said on Monday, at its annual general meeting, it now believes commercial success is "realistic".
The firm said additional research and engineering resources will be committed in the next 12 months to develop further the company's core work streams.
"Pricing remains firm in the near term, but the board is continually aware of pricing trends as AEG competes in a global market," said Non-Executive Simon Melling.
Active Energy's goals are now clear, he continued, with the future of the company tied to success at Lumberton. Active Energy completed the acquisition of an industrial site in Lumberton, North Carolina, in March.
"The board has achieved much over the past 12 months but more hard work is required to fully implement AEG's growth strategy," said Melling.
He continued: "The last 3 months have demonstrated some of the true potential for AEG and with the support of all AEG's stakeholders, the board now believes that commercial success is realistic. This means that AEG will continue with its previously publicly stated ambitions to transform low cost biomass into renewable fuels of the future."
Shares in Active Energy closed up 4.6% at 0.46 pence in London on Monday.
Active Energy (AEG)