Last checked at 22 Dec 2020 07:00
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
December 22nd 2020
Active Energy Group Plc
("Active Energy", "AEG", or the "Company")
AEG receives first order for CoalSwitch™
Active Energy, the London quoted international biomass based renewable energy and forestry management business, is pleased to announce it has received its first order for CoalSwitch™ from the reference plant (the "Plant") at its Lumberton site.
The order is from PacifiCorp, the largest grid operator in the western United States, that serves the growing energy demands of 1.9 million customers. AEG's CoalSwitch™ will be burnt at PacifiCorp's Hunter Power Plant in Utah as part of the coal/biomass co-firing demonstration being conducted by PacifiCorp.
Active Energy will be supplying up to 900 tonnes of biomass feedstock from its Lumberton site for delivery by no later than 14th June 2021. All the feedstock used for the biomass will be sourced locally, within North Carolina and processed by using residual wood, including bark and treetops/branches. This commitment forms part of AEG's strategy to produce a biomass solution including waste materials from the lumber industry.
Following the Company's announcement on 3 December 2020, work on the CoalSwitch™ plant continues to progress, with construction activity increasing early in the New Year. AEG and Player Design Inc. anticipate the commissioning of the first CoalSwitch™ Plant in Q2 2021.
Additionally, AEG is also currently in discussions with a number of other prospective utility and power customers in the USA to test the CoalSwitch™ fuels as soon as practicable.
Michael Rowan, CEO of Active Energy, said:
"We are delighted to have received our first order of CoalSwitch™ from PacifiCorp. This is a seminal moment for AEG as we deliver our first commercial product to a major US based customer. We are on track with our business plan and we are working at great pace to commission the Plant and fulfil the interest for the Coalswitch™ product. We are also pleased to confirm that the order will also be fulfilled using waste materials as a key component of the next generation biomass fuels and which will be a core value of Active Energy's future biomass goals. I look forward to providing all stakeholders with regular updates as the CoalSwitch™ Plant progresses towards production."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
ENDS
Enquiries | ||
Active Energy Group Plc | Michael Rowan Chief Executive Officer Antonio Esposito Chief Commercial Officer
| www.aegplc.com |
SP Angel Corporate Finance LLP Nominated Adviser and Broker
| David Hignell / Caroline Rowe | Office: +44 (0)20 3470 0470 |
Allenby Capital Limited Joint Broker | Amrit Nahal / Nick Naylor | Office: +44 (0)20 3328 5656 |
Camarco Financial PR Adviser | Gordon Poole / Tom Huddart / Emily Hall | aeg@camarco.co.uk Office: +44 (0) 20 3757 4980 |
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 a low emission CoalSwitch™ blend that utilises other waste materials.