Last checked at 2 Jun 2021 07:00
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
2 June 2021
Active Energy Group Plc
("Active Energy", "AEG", or the "Company")
First production of CoalSwitch™ at the Ashland Facility
Active Energy, the London quoted international biomass based renewable energy business, is pleased to announce that production of CoalSwitchTM has commenced at the Company's facility located at Ashland, Maine (the "Ashland Facility"), following the rapid construction of the 5 tonne per hour production facility.
Deliveries of the first CoalSwitch™ fuel to PacfiCorp's Hunter Valley power plant will commence during this week for use in their testing programme which has been scheduled for the week commencing 14 June 2021. The CoalSwitchTM production by the Ashland Facility is part of the joint venture (the "JV") between AEG and Player Design Inc, details of which were announced on 20 May 2021.
The Ashland Facility has been granted an initial permit (the "Permit") for the production of 1,000 tons of CoalSwitch™, to be produced by no later than 31 July 2021. Emissions data from the initial production will be supplied to the State of Maine for their analysis. The JV will then apply to the State of Maine to extend the terms of the Permit to enable the Ashland Facility to expand its production to up to 35,000 tonnes of CoalSwitch™ per year.
Michael Rowan, CEO, Active Energy Group:
"We are delighted to have successfully commissioned the Ashland Facility and to have begun production of CoalSwitch™. This is part of AEG's plan to have two operational CoalSwitch™ plants on the east coast of the US during 2021. I would like to thank all involved for their support in recent weeks, notably the State of Maine and the engineering team at Player Design. We will now proceed to deliver CoalSwitch™ to PacifiCorp on time and accelerate the CoalSwitch™ fuel testing programme."
Regulatory Information
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
ENDS
Enquiries | ||
Active Energy Group Plc | Michael Rowan (Chief Executive Officer) Andrew Diamond (Chief Financial Officer) | info@aegplc.com |
SP Angel Corporate Finance LLP Nominated Adviser and Joint Broker | David Hignell / Caroline Rowe (Corporate Finance) Rob Rees (Sales) | Office: +44 (0)20 3470 0470 |
Allenby Capital Limited Joint Broker | Nick Naylor/James Reeve (Corporate Finance) Amrit Nahal (Sales/Corporate Broking) | 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.