Active Energy Group PLC Update on production at the Ashland facility (9048T)
November 20 2023 - 2:00AM
UK Regulatory
TIDMAEG
RNS Number : 9048T
Active Energy Group PLC
20 November 2023
20 November 2023
Active Energy Group Plc
("Active Energy" or the "Company")
Update on the status of production at the Ashland facility
Active Energy (AIM: AEG, OTCQB: ATGVF), the international
biomass based renewable energy business, announces a further update
on the progress of the construction, by Player Design Inc ("PDI"),
of the CoalSwitch(R) fuel reference plant at Ashland, Maine (the
"Ashland Facility").
Active Energy has, over the weekend, been informed by PDI that
there are continuing construction and engineering delays at the
Ashland Facility. Whilst construction and installation work for the
new production facility has continued in recent weeks, PDI's
previously announced expectation that the Ashland Facility would be
in operation by no later than the end of November 2023 will now not
be achieved. PDI's current estimate is that the Ashland Facility
will be fully functional by the end of this quarter and production
of fuel may only commence during the first quarter of 2024.
The further delay is disappointing, both to Active Energy's
Board and its customers. Active Energy has potential orders for
CoalSwitch Ò fuel to be delivered to customers in the US and
internationally at the earliest opportunity and, under the terms of
the Company's existing contract with PDI, Active Energy had placed
firm orders for CoalSwitch Ò fuel with PDI a number of months ago
when PDI undertook to deliver CoalSwitch Ò fuel by the end of
November 2023. Active Energy continues to offer assistance to help
PDI towards successful resolution of the outstanding construction
and engineering issues and commence CoalSwitch Ò fuel
deliveries.
Considering this further delay, the board of Active Energy no
longer has confidence in the time estimates for the delivery of
CoalSwitch Ò fuel provided by PDI, given that the Ashland Facility
is currently 12 months late in commencement of fuel production. The
board of Active Energy, working with its new US management team,
has been broadening its network of production and engineering
partners in the US in recent months to develop future production
centres. This will not only accelerate the Company's ability to
meet the projected demand for CoalSwitch(R) fuel, allowing the
Company to no longer be reliant on a single production partner, but
also ensure that Active Energy can supply fuels for a variety of
complimentary uses.
Active Energy will update shareholders as soon as possible as
this strategy unfolds, together with all future immediate
developments, as reported by PDI on the Ashland Facility.
Michael Rowan, CEO of Active Energy, commented:
"We are frustrated that the Ashland Facility has not met the
time deadlines, previously agreed with PDI, but we remain
invigorated from the positive feedback that our new US management
team is receiving to establish alternative production centers
elsewhere in the US with alternative production and engineering
partners. With the immediate opportunities before Active Energy for
CoalSwitch(R) sales, I am confident in the future for the Company's
business. We will update shareholders as soon as possible with
these plans and PDI's latest updates from the Ashland
Facility."
Enquiries:
Active Energy Michael Rowan (Chief info@aegplc.com
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 aeg@camarco.co.uk
Financial Hall / Lily Pettifar Office: +44 (0)20
PR Adviser 3757 4980
------------------------------- -------------------------
Scoville John Williams jwilliams@scovillepr.com
PR
US PR Adviser
------------------------------- -------------------------
Website LinkedIn Twitter
www.aegplc.com www.linkedin.com/company/activeenergy https://twitter.com/aegplc
@aegplc
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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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