REG - Active Energy Group - Corporate Update <Origin Href="QuoteRef">AEGR.L</Origin>

Active EnergyAnnouncement

13/12/2017 12:30

RNS Number : 2504Z
Active Energy Group PLC
13 December 2017
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
13 December 2017
Active Energy Group Plc ('Active Energy' or 'the Group')
Corporate Update
Active Energy, the London quoted international biomass based renewable energy and forestry management and business, announces that, given the increasing commercial interest in CoalSwitch, Brian Evans-Jones will be changing his responsibilities to focus exclusively on Advanced Biomass Solutions Plc ('ABS') in his role at Managing Director. 
ABS is focused on commercialising CoalSwitch. Following the achievement of recent commercial milestones and the near completion of construction of the first five-tonne per hour CoalSwitch plant in Utah, the Board of Active Energy believe this is the moment to re-assign responsibilities. Mr. Evans-Jones will no longer have responsibilities as CFO but will remain on the Group's Board as a Director. The Group has commenced the search for a new Finance Director and has already appointed an interim finance professional to oversee current activities. Further announcements will be made in due course.
In addition, the Group announces that, following its recent placing, it has appointed Optiva Securities Ltd ("Optiva") as its sole broker with immediate effect. 
Active Energy Non-Executive Chairman, Michael Rowan, said, "Due to the significant recent developments with ABS and our revolutionary CoalSwitch biomass fuel, we needed a dedicated Managing Director to interface with potential clients, manage existing commercial and government relationships and to execute new opportunities to build value. Brian's in-depth knowledge of the ABS business made him the obvious choice to fill that role. The timing is particularly astute as we are close to commencing production at our first commercial CoalSwitch plant in Utah, USA, to generate revenue and allow us to produce large scale quantities for testing and utilisation internationally.
"Brian will remain a valued member of the Group's Board. We have already appointed an interim finance professional to oversee the current activities of the Group's finance function and we intend to announce the appointment of a new full time Finance Director in due course.
"We are also pleased to welcome Optiva, which supported our recent fundraise and will now act as the Group's Sole Broker. We look forward to benefiting from Optiva's experience at representing growth companies on a global scale as we focus on moving both ABS and our Timberlands division towards commercial production."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR").
**ENDS**
Enquiries & Further Information:
Website
LinkedIn
www.active-energy.com
www.abs-plc.com
www.linkedin.com/company/activeenergy 
Enquiries
Active Energy Group Plc
Michael Rowan
Non-Executive Chairman
michael.rowan@aegplc.com
Richard Spinks
Chief Executive Officer
richard.spinks@aegplc.com
Northland Capital Partners Limited
Nominated Adviser 
Patrick Claridge/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
Isabel de Salis/Megan Dennison
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. It has two affiliate companies formed being:
 Advanced Biomass Solutions Plc (www.abs-plc.com), which is commercialising a revolutionary biomass coal replacement fuel, CoalSwitch; and
 Timberlands International Ltd, a sustainable international forestry management business.
About CoalSwitch:
CoalSwitch is the world's first direct drop-in replacement biomass fuel with the ability to transform the coal energy dynamic. Its unique qualities allow the fuel to be directly mixed in any ratio or completely replace coal in existing unmodified coal-fired power stations, negating the need for expensive retrofitting or avoiding complete plant closure. Unlike almost all biomass based pellets, it does not have to use high-quality wood but can instead utilise low-cost waste material which translates into significant economic benefits. CoalSwitch has a unique solution to enable coal-fired power plants to continue operating at acceptable environmental standards. To facilitate the expansion, ABS is establishing operations in the Americas, Europe and Asia and has representation in those areas in terms of business development and technical support.

This information is provided by RNS
The company news service from the London Stock Exchange
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