Last checked at 8 Oct 2018 07:00
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
8 October 2018
Active Energy Group Plc ('Active Energy', the 'Company' or the 'Group')
Update on the application to the Crown Province of Newfoundland and Labrador (the "Province') for a Forestry Management Agreement ('FMA')
Active Energy, the London quoted international biomass based renewable energy and forestry management business, confirms that last week meetings were held in the Province with the Minister of Fisheries and Land Resources ("FLR"), the Honourable Gerry Byrne and Minister of Tourism, Culture, Industry and Innovation ("TCII"), the Honourable Christopher Mitchelmore, and their respective team members. All have been actively involved in advancing the Company's proposed forestry and biomass fuel production application (the 'Application') over the last 18 months and Active Energy wishes to update the market of the current status of the Application.
The Province, and in particular the Ministry of TCII and the Ministry of FLR, continue to support the advancement of the Application to final approval. Furthermore, they have been complimentary of the Company's continuing commitment to the Province and all the work that Active Energy has done in regard to the whole application process. To that end, there were constructive discussions last week and based upon those discussions, Active Energy is now amending its application to focus exclusively on the forestry opportunities and the development of one or more dedicated CoalSwitch™ plants for the Districts 17 and 18.
Minister of Fisheries and Land Resources, the Honourable Gerry Byrne, spent a significant amount of time meeting with Richard Spinks to address concerns and confirmed his continuing support for the Company's proposal. Active Energy has been given no reason to be concerned at the delay in the process and can confirm that it is encouraged by the positive and supportive approach by all Government departments to the questions presented and requests made.
The Company continues to believe that a significant long term commercial opportunity exists for both the Company and the Province through the introduction of its proprietary CoalSwitch™ biomass-based fuel as a significant export revenue generator for the Province.
In order to ensure the energy and focus required to expedite this opportunity, Richard Spinks, who is currently an Executive Director of the Company, has decided to relinquish his Active Energy board responsibilities and will focus solely on his position as Managing Director of Timberlands, effective from 1 November 2018. As such, Richard will focus specifically on strengthening the Group's Newfoundland and Labrador relationships and the associated opportunities.
Richard Spinks, Managing Director of Timberlands said, "The Province of Newfoundland and Labrador represents an area of significant interest to Active Energy and Timberlands. I was particularly encouraged during my visit to the Province by the level of genuine interest and support expressed by Government, academia and Industry. Once again, I thank Minister Byrne for the positive and constructive discussions held in Corner Brook.
"Timberlands and Active Energy have already made a tremendous investment in the Province over the last two years and Timberlands is working harder than ever to bring to fruition these common commercial goals for both the Group and the Province.
"My ultimate objective is to make a significant contribution to the Government's stated goal of revitalising the forestry industry in the Province and this remains the central focus of our activities, both present and future. I believe that based upon the recent meetings, a long term relationship between both the Province and Timberlands has been established and is set to grow further. Active Energy looks forward to providing shareholders with further updates as appropriate."
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.active-energy.com www.aeg-plc.com | www.linkedin.com/company/activeenergy
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Enquiries | ||
Active Energy Group Plc | Michael Rowan Chief Executive Officer (Active Energy) | michael.rowan@aegplc.com
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| Richard Spinks Managing Director (Timberlands International Ltd) | richard.spinks@aegplc.com
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Northland Capital Partners Limited Nominated Adviser
| David Hignell / Gerry Beaney | Office: +44 (0)20 3861 6625 |
Optiva Securities Ltd Broker | Graeme Dickson / Ed McDermott | Office: +44 (0)20 3137 1902 |
St Brides Partners Financial PR Adviser | Susie Geliher / Isabel de Salis | info@stbridespartners.co.uk Office: +44 (0) 20 7236 1177 |
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock Exchange-listed international renewable energy business based upon forestry assets. Its model is focussed on capturing the entire forestry value chain through sourcing, utilising and commercialising assets, and setting a new standard in the sustainable management and optimisation of timber resources.
The Company is led by a highly technical and commercial team with the experience to execute its defined growth strategy and build its visibility, primarily as a London-listed timber opportunity with a revolutionary biomass fuel technology.