REG - Active Energy Group - Permits granted at Ashland

Active EnergyAnnouncement

24/05/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230524:nRSX4242Aa&default-theme=true

RNS Number : 4242A  Active Energy Group PLC  24 May 2023

24 May 2023

 

Active Energy Group Plc

("Active Energy" or the "Company")

 

Permits granted at Ashland to allow construction and operation of the
CoalSwitch® plant to commence

 

Active Energy (AIM: AEG, OTCQB: ATGVF), the international biomass based
renewable energy business, is pleased to announce that Player Design Inc
("PDI") has informed the Company that it has received the relevant permit (the
"Permit") for the construction and operation of a CoalSwitch® manufacturing
facility at PDI's site at Ashland, Maine (the "Ashland Facility").

The Permit, which has been granted by the Department of Environmental
Protection in the State of Maine (the "Department"), will: a) allow PDI to
immediately commence the final stage of construction for the CoalSwitch®
production plant (the "CoalSwitch® Plant") at the Ashland Facility; and b)
permit manufacturing operations at the CoalSwitch® Plant to commence. Under
the terms of the Permit, PDI must provide certain additional data to the
Department within an initial six-month period.

PDI has confirmed to Active Energy that construction of the CoalSwitch® Plant
is due to be completed in Q3 2023 with first production of CoalSwitch®
pellets being available for delivery to AEG's potential customers during the
same quarter. The initial annualised production volumes are anticipated by PDI
to remain at a target rate of 35,000 tons per annum and Active Energy will
make any CoalSwitch® produced available for delivery to the Company's
identified customers in the US and in Europe.

In conjunction with the developments at the Ashland Facility, Active Energy
continues to receive increasing enquiries for the CoalSwitch® technology. In
recent weeks, Active Energy has commenced work on additional joint venture
production licenses in the US and is working on these licenses to develop the
production technology to suit specific facilities. This will, the Company
anticipates, further accelerate production volumes in US.

Tyler Player, President of Player Design Inc, commented:

"I am grateful for the support from the State of Maine for all their efforts
to ensure a successful conclusion to the permit applications for our facility
at Ashland. The project will now move to the final phase of construction and
assembly at Ashland and the initial production of CoalSwitch® fuel. I look
forward to making the first deliveries of fuel to Active Energy in the coming
months.  I am confident of providing the operating data to the State of Maine
which will allow for permanent operation of the CoalSwitch® Plant."

Michael Rowan, CEO of Active Energy, commented:

 

"We are delighted that PDI has received the Permit which will allow them to
commence production of our next generation biomass fuel, CoalSwitch®.
 Active Energy has continued to raise the profile of CoalSwitch® with
potential customers, both in the US and internationally, and will be sending
product to these customers immediately after first production. We look forward
to working closely with PDI towards production and we would also like to thank
the State of Maine for their ongoing support throughout this process."

 

 

Enquiries:

 Active Energy Group Plc        Michael Rowan (Chief Executive Officer)                                 info@aegplc.com

                                Michelle Fagan (Chief Financial Officer)
 Allenby Capital Limited        Nick Naylor/James Reeve/Daniel Dearden-Williams (Corporate Finance)   Office: +44 (0)20 3328 5656

 Nominated Adviser and Broker   Amrit Nahal (Sales/Corporate Broking)
 Camarco                        Tom Huddart / Emily Hall / Lily Pettifar                              aeg@camarco.co.uk

 Financial PR Adviser                                                                                 Office: +44 (0)20 3757 4980
 Scoville PR                    John Williams                                                         jwilliams@scovillepr.com

 US PR Adviser

 

 Website         LinkedIn                                Twitter
 www.aegplc.com  www.linkedin.com/company/activeenergy   https://twitter.com/aegplc (https://twitter.com/aegplc)

                                                        @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.  In 2022 Active
Energy's partner, Player Design Inc commenced the process for building a
production facility for Coalswitch® at PDI's facility at Ashland, Maine.
Under a "take or pay" arrangement Active Energy will purchase CoalSwitch®
from PDI for sale to the Company's prospective customers in the US and Europe.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDBGDUBGDDGXX