Last checked at 24 Apr 2019 13:33
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
24 April 2019
Active Energy Group Plc ('Active Energy', 'AEG' or the 'Company')
CoalSwitch™ Test Reactors arrive at Lumberton and Installation Commences
Active Energy, the London quoted renewable energy business focussed on biomass, is pleased to announce that the test reactors to produce its proprietary CoalSwitch™ product have now arrived at its recently acquired commercial plant in Lumberton, Robeson County, North Carolina (the 'Project' or the 'Lumberton Site') and installation has commenced.
To view this announcement with illustrative images please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9810W_1-2019-4-24.pdf
The Lumberton Site will serve as Active Energy's first permanent commercial production facility and the primary base for all of the Company's United States CoalSwitch™ operations. The transfer of all the equipment from the Company's Utah site is targeted to be completed within 8 weeks, with closure of the Utah site expected by the end of May 2019.
The Lumberton Site includes up to 415,000 sq. ft of covered factory space and circa 151 acres of surrounding land. It is strategically located adjacent to AEG's joint venture partner Georgia Renewable Power LLC ("GRP") and in prime lumber districts from which AEG will secure feedstock for its revolutionary CoalSwitch™ product. Importantly the Lumberton site includes all requisite ancillary facilities for the production of CoalSwitch™, including all relevant power supplies, permits, water treatment facilities, a research and analysis lab as well as offices.
CoalSwitch™, a biomass-based fuel that utilises low-value forestry and agricultural residues and other feedstocks, is a drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring plant modifications. The technology being utilised to produce CoalSwitch™ is also being utilised to create additional renewable fuels including blending it with animal waste such as hog manure, which further increases the Company's renewable energy credentials.
Figure 1: Disassembly of the plant at Utah ahead of transportation to the Lumberton Site
Figure 2: Disassembly of the plant at Utah ahead of transportation to the Lumberton Site
Figure 3: Equipment arriving and being unloaded at the Lumberton Site
Michael Rowan, CEO of AEG, said, "The arrival and installation of the test reactors at the Lumberton Site marks the latest exciting step on the path to delivering our first commercial CoalSwitch™ product to market, which is our primary focus. The Project is ideally located in the heart of the lumber production region in North America and we are confident that its size will enable the expansion of the initial CoalSwitch™ plant via the construction of additional CoalSwitch™ production facilities, as the Company targets capacity of up to 400,000 tonnes per annum over the next 2 years.
"The scale of the Project, its existing components and the infrastructure will allow us to continue to develop additional renewable fuels based on blending the original CoalSwitch™ technology with animal and agricultural waste. We believe this will be attractive to potential partners who want to improve their environmental credentials."
The Company's Directors look forward to providing further updates regarding developments at the Lumberton Site and the installation of the initial CoalSwitch™ plant as soon as practicable.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries & Further Information:
Website |
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www.aegplc.com | www.linkedin.com/company/activeenergy
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Enquiries | ||
Active Energy Group Plc | Michael Rowan Chief Executive Officer (Active Energy) Antonio Esposito Chief Operations Officer (Active Energy) | CO SBP +44 (0) 20 7236 1177 |
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker
| David Hignell / Lindsay Mair / Jamie Spotswood | Office: +44 (0)20 3470 0470 |
Optiva Securities Ltd Joint Broker | Jeremy King | Office: +44 (0)20 3137 1902 |
St Brides Partners Financial PR Adviser | Melissa Hancock / Gaby Jenner | info@stbridespartners.co.uk Office: +44 (0) 20 7236 1177 |
About Active Energy Group:
Active Energy Group plc is a London listed (AIM: AEG) renewable energy company that has developed a proprietary technology which transforms low-cost biomass material into high-value green fuels. Its patented product CoalSwitch™ is the world's only drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring plant modification.
Active Energy Group's immediate strategic focus is the production and commercialisation of CoalSwitch™ and SuperFuel™, a low emission CoalSwitch™ blend that utilises waste coal fines.