Last checked at 30 Sep 2014 07:01
30 September 2014
Active Energy Group Plc("Active Energy Group" or the "Group" or the "Company" or "AEG")
Directorate Changes
Active Energy Group Plc (AIM: AEG.L), the London Stock Exchange AIM-listed international supplier of Biomass for Energy (BFE) fuel products, industrial wood chip, and forestry management and development services, announces that that Colin Hill is stepping down by mutual consent from the Board and his role as Non-Executive Chairman with effect from 1 October 2014.
Mr Hill has been with AEG since 2012, during which time he has overseen its growth into a major force in the global Biomass, timber products and timberland management industries, including the acquisition and integration of Nikofeso Group.
The process of recruiting a new Non-Executive Chairman has already begun, and a further announcement will be made in due course.
Active Energy Group Plc Chief Executive Officer, Richard Spinks, said, "On behalf of my co-Directors and all the Group's stakeholders, I would like to thank Colin for his wise counsel and invaluable contribution over a period of substantial change and innovation for AEG, and I am sure that they join me in wishing him well for the future."
"The announcement (on 26 September 2014) of the appointment of Brian Evans-Jones as Finance Director with effect from 1 October 2014 will both enhance the Group's finance functions and further strengthen the Board, and I look forward to welcoming a new Non-Executive Chairman."
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Enquiries:
Active Energy Group PlcRichard Spinks, Chief Executive Officer Tel: +380 503 942 702 richard.spinks@active-energy.com
WH Ireland Ltd. (Nominated Adviser and Broker) Chris Fielding / Mark Leonard Tel: +44 20 7220 1666
Novella CommunicationsTim Robertson / Ben Heath Tel: +44 20 3151 7008 TimR@novella-comms.com
About Active Energy Group:
· Company website: www.active-energy.com
· Active Energy Group Plc, a London Stock Exchange AIM-listed company (AIM: AEG.L), is an international supplier of Biomass for Energy (BFE) wood chip for green energy power generation, industrial wood chip for MDF manufacturing, Biomass fuel granules and granulating systems, and forestry/timberland development and management services.
· The Group, headquartered in London, operates from five locations:
o Ukraine, where it is the largest producer and exporter of MDF-quality wood chip
o Spain and Montenegro, from where it supplies BFE Biomass wood chip to European power plants
o The United Kingdom, where it operates an R&D facility for its new Biomass fuel granulating systems
o Canada, where it has entered into a landmark forestry joint venture - KAQUO Forestry & Natural Resources Development Corporation - with three indigenous Métis Settlements to commercialise c.200,000 hectares of mature forestry/timberland assets
· The Group is led by a highly experienced and dedicated management team with a proven track record of working in the industries and regions from which its revenues are generated.
· In June 2013, AEG acquired its major trading partner and raised approximately £3.5 million to facilitate future growth and expansion of its international production and shipping facilities.
· In May 2014, the Group announced the formation of a new subsidiary, AEG Pelleting Limited, to commercialise and market a revolutionary new Biomass for Energy (BFE) fuel granulating process that converts sawdust and other industrial and agricultural co-products into valuable fuel granules for use in large-scale power plants and micro-CHP boilers.
· European Biomass for Energy (BFE) Market:
o Biomass-fuelled power is expected to account for over 50% of European renewable energy, according to an EU directive on National Renewable Energy Action Plans.
o EU directives and continued commissioning of new Biomass and CHP power plants in Europe continue to generate additional demand for Biomass fuel, with little visibility on where that fuel will be sourced.
o The European Renewable Energy Council (EREC) estimates that Biomass-based energy production will grow from 43TWh (Terawatt Hours) in 2005 to 250TWh in 2020.
o Key NGO bodies such as the European Biomass Association and Eurelectric (the European Union of the Electricity Industry) advocate establishing harmonised, binding sustainability criteria for solid Biomass fuel.
· Turkish MDF Market:
o Turkey is the leading producer of MDF in Europe, producing an estimated 4.3 million m3 in 2012 in six plants around the country.
o AEG has developed relationships with all of the major Turkish MDF manufacturers.
o Currently, circa 69% of the wood chip imported into Turkey comes from across the Atlantic; all of it for production of wood-based panels, primarily MDF.
o By contrast, wood chip from AEG's port-side production facilities in Ukraine can be transported across the Black Sea in approximately one-tenth of the shipping time from the U.S., Canada and Latin America, which provides manufacturers with substantial cost savings and cashflow advantages, as well as considerably fresher and higher-quality product.