Active Energy's Ghummud facility generates $110,000 net in first month

(Sharecast News) - Active Energy Group said on Tuesday that its recently-acquired Ghummud facility in Abu Dhabi generated AED 404,000, or about $110,000, in net revenue during its first full month of trading.

The AIM-traded company said the site achieved average fleet uptime of around 97% across all deployed units during the month, with management continuing to increase utilisation as further customer capacity is deployed.

Active Energy said the first month's performance would equate to an illustrative annual revenue run-rate of about AED 4.85m, or $1.3m, assuming similar operating conditions.

It stressed that the figure was illustrative only, was not a profit forecast and should not be relied on as an indication of future performance.

The company said the initial operational performance was broadly in line with internal expectations and supported the commercial rationale for its strategy of acquiring energised power infrastructure and adding modular digital infrastructure capacity.

Ghummud is the first operational deployment within Active Energy's wider UAE infrastructure platform, which also includes its 8MVA development project and the recently announced Khazna acquisition.

The company said the assets formed the foundation of its plan to build a larger portfolio of energised digital infrastructure assets across the UAE.

Chief executive Paul Elliott said the first full month of operations had been "extremely" encouraging.

"Maintaining approximately 97% uptime across the deployed fleet demonstrates both the quality of the underlying infrastructure and the strength of the operational team managing the asset," he said.

"Most importantly, Ghummud is now producing revenue and validating the acquisition model we have been building around. We acquired a live grid-connected asset, deployed digital infrastructure and rapidly brought the site into operation.

"The result is a revenue-generating asset that is already contributing towards funding its own acquisition cost."

Elliott said the performance was "a powerful proof of concept" for the company's wider strategy, adding that Active Energy remained focused on building a scaled digital infrastructure platform across the UAE and wider GCC region.

At 1517 BST, shares in Active Energy Group were up 6.67% at 0.1p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate

Active Energy