23 February
2024
Active Energy Group Plc
("Active
Energy" or the
"Company")
Update on Ashland Facility and relationship with
Player Design Inc
Active
Energy (AIM: AEG, OTCQB: ATGVF), the international biomass
based renewable energy business, announces an update on the Board's
strategy as a result of the delays in construction, by Player
Design Inc ("PDI"), of the CoalSwitch® fuel reference plant at Ashland, Maine (the "Ashland
Facility").
On 26
January 2024, the Company announced that it had been informed by
PDI that it will not supply CoalSwitch® fuel to either Active
Energy or any of its prospective customers as it was obliged to
under the terms of the take or pay agreement between the two
parties. PDI has continued to provide no substantive reasons to
Active Energy for this.
Furthermore, the Company has recently become
aware that PDI and its owner, Tyler Player, commenced legal action
in January 2024 against Active Energy in Aroostook County,
Maine. This legal action, which the Board of AEG believe is
completely without just cause, seeks alternative forms of redress
and forms an attempt by PDI to obfuscate its contractual
responsibilities. The Company will vigorously defend any baseless
legal claims by PDI or Tyler Player.
Active
Energy continues to seek resolution with PDI on various outstanding
matters, including the return of cash of $1.1m paid by Active
Energy toward development of the Ashland Facility and the return of
additional prepaid monies for future services amounting to
$300,000. Active Energy also continues to seek the return of its
production equipment and components situated at the Ashland
Facility or to agreed alternative compensation from PDI. Finally,
PDI has presented the Company with unfounded claims in respect of
the intellectual property related to the CoalSwitch® production
process, specifically for black pellet production using steam
treatment technologies. Active Energy will vigorously act to defend
its CoalSwitch® intellectual property and protect its shareholders'
interests.
In the
absence of an agreement being reached between the parties in the
immediate future, the Board will have no alternative to launching
legal proceedings against PDI to recover these funds and for the
significant damages incurred by Active Energy as a result of PDI's
actions.
The Board
continues to examine the most expedient ways to commence
CoalSwitch® fuel production, using its proprietary technologies in
North America or Southeast Asia. Ongoing commercial conversations
continue and future customers, including companies operating in the
pulp and paper, cement, and power generation industries remain
committed to the receipt of CoalSwitch® fuel at the earliest
opportunity.
Enquiries:
|
Active Energy Group Plc
|
Michael Rowan (Chief
Executive Officer)
Michelle Fagan (Chief
Financial Officer)
|
info@aegplc.com
|
|
Allenby Capital Limited
Nominated Adviser and Broker
|
Nick
Naylor/James Reeve/Daniel
Dearden-Williams (Corporate
Finance)
Amrit Nahal (Sales/Corporate Broking)
|
Office: +44 (0)20 3328
5656
|
|
Camarco
Financial PR Adviser
|
Tom
Huddart / Emily Hall / Lily Pettifar
|
aeg@camarco.co.uk
Office: +44 (0)20 3757
4980
|
|
Scoville PR
US
PR Adviser
|
John
Williams
|
jwilliams@scovillepr.com
|
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.
