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Active Energy Group Plc announced on 11 September 2023 that construction of its Ashland Facility will not be completed, and production will not commence, by the end of Q3 2023 due to delays in receipt of key components. Operations and CoalSwitch® production are now expected to begin in November, resulting in no fuel available for delivery during September 2023. The Company will also announce its interim results for the six months ended 30 June 2023 later in September.
| Date | 11 Sept 2023 |
| Time | 07:00:18 |
| Category | Corporate updates |
| ID | 9934L |
11 September 2023
Active Energy Group Plc
("Active Energy" or the "Company")
Update on progress at the Ashland facility
Active Energy (AIM: AEG, OTCQB: ATGVF), the international biomass based renewable energy business, announces an update on the progress of the construction of the CoalSwitch® manufacturing facility at Ashland, Maine (the "Ashland Facility").
Active Energy has been informed that construction of the Ashland Facility will not be completed, and the Ashland Facility will not be ready to commence production, before the end of Q3 2023. It has been confirmed that the delay in completion of construction is due to delays in receipt of key components and associated equipment. Operations at the Ashland Facility and production of CoalSwitch® are now expected to commence in November. Accordingly, Active Energy will not have CoalSwitch® fuel available for delivery to its potential customers during September 2023.
In recent months, Active Energy's sales team has initiated a broad range of active discussions worldwide with high quality future customers across several industries for CoalSwitch®. The Board is pleased with the accelerating progress of these discussions, which consistently confirm the premium properties of CoalSwitch® fuel and which provide strong evidence that, once production commences, there will be significant market demand for the fuel.
Active Energy will be announcing its interim results for the 6 months ended 30 June 2023 later in September 2023 and, as part of the results announcement, will provide an update on the sales strategy, together with an update on the progress toward CoalSwitch® fuel production.
Michael Rowan, CEO of Active Energy, commented:
"The delay in completion of the Ashland Facility is obviously disappointing news for the CoalSwitch® program. Nonetheless, despite the production delay, we continue to be actively engaged with an increasing number of potential customers for CoalSwitch® and the current level of engagement confirms the future commercial opportunities for the fuel. I look forward to updating shareholders in the announcement of our interim results later in the month."
Enquiries:
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Active Energy Group Plc |
Michael Rowan (Chief Executive Officer) Michelle Fagan (Chief Financial Officer) |
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Allenby Capital Limited Nominated Adviser and Broker |
Nick Naylor/James Reeve/Daniel Dearden-Williams (Corporate Finance) Amrit Nahal (Sales/Corporate Broking) |
Office: +44 (0)20 3328 5656 |
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Camarco Financial PR Adviser |
Tom Huddart / Emily Hall / Lily Pettifar |
Office: +44 (0)20 3757 4980 |
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Scoville PR US PR Adviser |
John Williams |
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Website |
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www.aegplc.com |
www.linkedin.com/company/activeenergy
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@aegplc |
About Active Energy Group
Headquartered in London with operations in the United States, Active Energy Group plc (AIM: AEG, OTCQB:ATGVF) is a biomass-based renewable energy company focused on the production and development of next generation biomass products that have the potential to transform coal fired power and heavy industries and the existing renewable biomass industry.
Active Energy has developed a proprietary technology which transforms waste biomass material into high-value renewable fuels. Its patented product CoalSwitch® is a leading drop-in biomass renewable fuel that can be blended and co-fired with coal at any ratio without requiring significant plant modification or wholly replacing existing biomass fuels.