REG - Active Energy Group - Update on progress at the Ashland facility

Active EnergyAnnouncement

11/09/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230911:nRSK9934La&default-theme=true

RNS Number : 9934L  Active Energy Group PLC  11 September 2023

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:

 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.

 

 

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  UPDUAVVROWUKARR