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9 Aug 2021 07:00
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
9 August 2021
Active Energy Group Plc
("Active Energy" or the "Company")
Statement on Ashland Facility
Active Energy announces that on 5th August 2021, one of the reactors at the Ashland Facility failed whilst operating and, consequently, production of CoalswitchTM at the Ashland Facility has been temporarily suspended. The cause of this failure will require a detailed assessment, which is already underway. Except for the reactors, all other equipment at the Ashland Facility remains operational.
The Ashland Facility has been in operation since May 2021 for both CoalswitchTM production and refinement of the manufacturing process. Improvements continue to be undertaken at the plant to simplify the manufacturing process and reduce costs. The Company was already analysing the performance of the reactors, which were originally from Utah, and considering their replacement to accommodate identified operational benefits. These factors, combined with the detailed assessment will be considered before the Ashland Facility resumes toward full scale production.
Active Energy has continued to supply CoalswitchTM samples to new potential customers and the Board remains pleased with the level of engagement and initial feedback to the CoalswitchTM product.
AEG will provide shareholders with further updates regarding operations at the Ashland Facility as appropriate.
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
Active Energy Group plc is a London listed (AIM: AEG) renewable energy company focused on the production and development of next generation biomass products that have the potential to transform the traditional coal fired-power industry and existing renewable biomass industry.
The Company has developed a proprietary technology which transforms waste biomass material into high-value renewable fuels. Its patented product CoalSwitchTM is a leading drop-in renewable fuel that can be co-fired with coal, completely replace coal as an alternative feedstock without requiring significant plant modifications, or replace existing biomass feedstock resources. Active Energy's immediate strategic focus is the production and commercialisation of CoalSwitchTM and further CoalSwitchTM fuel blends that utilise other waste wood and residual materials.
CoalSwitchTM is a registered trademark belonging to Active Energy Group plc.
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