LONDON (Alliance News) - Active Energy Group PLC on Monday said it formed a joint venture with Georgia Renewable Power LLC to install CoalSwitch facilities at three biomass-to-energy power plants located in US and Georgia.
Active Energy shares were trading 21% higher on Monday at 2.30 pence each.
The renewable energy firm said the plants have a total power generation capacity of 165 megawatts.
Initial CoalSwitch plant will be installed at Georgia Renewable Power's existing plant facilities at Lumberton, North Carolina, before the end of 2018, followed by the two additional plants in Georgia over 36 months.
Under the deal, Active Energy said it will advance the commercial development of CoalSwitch fuel into operational power plants, develop organic waste fertilizer products and utilise its existing CoalSwitch and PeatSwitch technologies for complementary sales of biomass.
In addition, the joint venture partners intend to evaluate the potential of new feedstock constituents for CoalSwitch, including poultry litter, to create a new product LitterSwitch.
"This is an important development for Active Energy, which we believe will result in a significant increase in CoalSwitch and PeatSwitch production capacity in the US, the diversification of Active Energy's activities in terms of both geography and feedstock, and additional revenue streams through biomass trading," said Active Energy Chief Executive Michael Rowan.
Active Energy (AEG)