Active Energy Group PLC Update on progress at the Ashland facility (9934L)

TIDMAEG

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(R) 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(R) are now expected to commence in November. Accordingly, Active Energy will not have CoalSwitch(R) 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(R). The Board is pleased with the accelerating progress of these discussions, which consistently confirm the premium properties of CoalSwitch(R) 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(R) fuel production.

Michael Rowan, CEO of Active Energy, commented:

"The delay in completion of the Ashland Facility is obviously disappointing news for the CoalSwitch (R) program. Nonetheless, despite the production delay, we continue to be actively engaged with an increasing number of potential customers for CoalSwitch(R) 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      Michael Rowan (Chief              [e-mail] 
  Group Plc          Executive Officer) 
                     Michelle Fagan (Chief 
                     Financial Officer) 
 Allenby            Nick Naylor/James                Office: +44 (0)20 
  Capital Limited    Reeve/Daniel Dearden-Williams    3328 5656 
  Nominated          (Corporate Finance) 
  Adviser and        Amrit Nahal (Sales/Corporate 
  Broker             Broking) 
                   -------------------------------  ------------------------- 
 Camarco            Tom Huddart / Emily              [e-mail] 
  Financial          Hall / Lily Pettifar             Office: +44 (0)20 
  PR Adviser                                          3757 4980 
                   -------------------------------  ------------------------- 
 Scoville           John Williams                    [e-mail] 
  PR 
  US PR Adviser 
                   -------------------------------  ------------------------- 
 
 
 Website          LinkedIn                                 Twitter 
 www.aegplc.com   www.linkedin.com/company/activeenergy    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(R) 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.

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September 11, 2023 02:00 ET (06:00 GMT)