LONDON (Alliance News) - Active Energy Group PLC on Tuesday said the European Union has not awarded grant funding for its "SuperFuel" product.
SuperFuel blends renewable energy company Active Energy's CoalSwitch fuel - made from low-value forestry, agricultural residue, and other biomass feedstocks - with reclaimed coal from coal slurry dumps in Poland.
Testing of SuperFuel in Poland found it had a similar calorific value to coal but produced significantly less sulphur, ash, sulphur oxides, and nitrogen oxides.
In August 2018, Active Energy applied to the EU seeking grant funding to support the development of SuperFuel. However, while its "application scored highly", Active Energy was not successful in its application.
SuperFuel was developed as a joint venture between Active Energy and Polish waste coal recovery firm Cobant Sp zoo. Both Cobant and Active Energy are re-assessing the application and are considering resubmitting it to the EU.
"The certification that SuperFuel received last summer from the Polish government, that enabled its commercialisation, is unimpacted by the EU's decision regarding the grant. The "SuperFuel" product has generated interest from potential commercial partners and although no assurances can be given at this stage that formal agreements will be reached, [Active Energy] and Cobant remain engaged in discussions with several potential offtake partners. Further announcements will be made as appropriate," said Active Energy.
Shares in Active Energy were down 2.2% at 0.44 pence on Tuesday.
Active Energy (AEG)