This is a Reach (i.e. non-regulatory) announcement and the information contained is not considered to be material or to have a significant impact on management's expectations of the Company's performance

15 December 2025

Active Energy Group plc

("AEG" or the "Company")

Strategic Review of CoalSwitch® and Collaboration Agreement with ICE

Active Energy Group plc (AIM: AEG), the international biomass-based alternative energy company, announces the completion of its strategic review of CoalSwitch® and confirms a strengthened collaboration with ICE (Indigenous Canadian Energy) to support the commercialisation of the technology.

Strategic Review & Engagement with ICE

Under the direction of the new management team, including detailed assessment by the Company's Chief Strategy Officer, AEG undertook a comprehensive technical and commercial evaluation of CoalSwitch®. The review concluded that the most effective and commercially viable path forward is to progress the technology in partnership with ICE, led by CEO Richard Spinks and Chairman Grand Chief Ron Derrickson .

Mr. Spinks, who originally introduced and named CoalSwitch® during his earlier tenure as CEO of AEG, has, together with the ICE team, developed significant expertise in Steam-Enhanced Biofuel Pellets (SEBP) and established ICE as a recognised innovator in the sector. ICE's technical maturity, operational experience, and longstanding commitment to advancing SEBP technology were considered key strengths during AEG's evaluation.

The Board believes that renewed collaboration with ICE provides AEG with a clear and accelerated route to commercial deployment of CoalSwitch®.

Development of the ICE/CoalSwitch® Validation Plant

AEG and ICE have agreed to advance development of the first ICE/CoalSwitch® Validation Plant, an industrial-scale facility designed to:

·    Demonstrate CoalSwitch® and ICE SEBP technology in a real-world operational environment;

·    Enable project developers to validate feedstocks at commercial scale;

·    Provide industrial samples for off-takers and financiers;

·    Establish technical benchmarks required for commercial guarantees and project funding.

The Validation Plant will act as a central reference site for global partners seeking validated, bankable biomass solutions. AEG's senior management, including the Chief Strategy Officer, has conducted on-site assessments of ICE's facilities and engineering partners, concluding that ICE's established programme provides a credible foundation for CoalSwitch® commercialisation.

Paul Elliott, Executive Director of AEG, commented:

"Our strategic review confirmed that CoalSwitch® is best advanced alongside experienced partners with an established track record in SEBP technologies. ICE has demonstrated a high level of technical capability and sector leadership, and their alignment with our commercial objectives provides a strong platform for CoalSwitch® to progress toward market deployment.

Richard Spinks and the ICE team have shown consistent commitment to this sector, and their work over recent years has created an opportunity for both companies to move forward with clarity and purpose. We look forward to working together to bring CoalSwitch® into commercial use."

Richard Spinks, CEO of ICE, commented:

"ICE is pleased to re-engage with AEG following its strategic review. CoalSwitch® fits naturally within the SEBP framework we have developed, and the renewed focus from AEG's management team gives us confidence in the direction of travel.

The ICE/CoalSwitch® Validation Plant will provide a commercially relevant demonstration platform for partners and investors. We look forward to supporting AEG as we work together to bring validated SEBP fuels to market."

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