THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014
WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("UK MAR").
09 April 2024
Active Energy Group
Plc
("Active Energy" or
the "Company")
Business
update
Active Energy (AIM: AEG, OTCQB: ATGVF), the
international biomass based renewable energy business, today
announces a business update.
Since the Company entered into the
settlement agreement with Tyler Player and Player Design Inc
("PDI") on 4 March 2024,
details of which were announced on 5 March 2024, the Board has
undertaken a review of the Company's business. This review has
involved examining all aspects of Active Energy's business,
including of the immediate options to produce
CoalSwitchÒ, the
Company's proprietary technology for next generation biomass fuel.
The review has also evaluated how to secure sufficient funding to
commence CoalSwitchÒ production, based on new time lines which indicate that it
would take the Company a minimum of 12 months to commence
production of CoalSwitchÒ
if funding was immediately available.
The review by the Board has
concluded that the Company, in its current structure, is unable to
raise sufficient working capital to build and/or operate a
CoalSwitchÒ production facility within the appropriate timeframe. In light
of this conclusion, the Board believes that the appropriate course
of action to accelerate the development of
CoalSwitchÒ is to
seek a buyer for the Company's CoalSwitchÒ assets. It is the Board's belief
that CoalSwitchÒ is a market leading, next generation
fuel that has the potential to transform coal fired power and heavy
industries and the existing renewable biomass industry.
The Company's
CoalSwitchÒ assets
comprise; i) the Company's original patent and trademark portfolio
on the steam explosion process to produce the fuel; ii) all
production and test data knowhow acquired from the initial
production activities at PDI's facility at Ashland in Maine that
may be applicable for the future production methods for biomass
products; and iii) all the relevant customer test data.
Should the Board receive an
acceptable offer for the CoalSwitchÒ
assets, a sale is likely to constitute a
fundamental change of business pursuant to Rule 15 of the AIM Rules
for Companies and would require the approval of shareholders at a
general meeting of the Company. Any such disposal is expected
to result in the Company becoming an AIM Rule 15 cash
shell.
The Company is looking to commence discussions with prospective parties
regarding the sale of the Company's CoalSwitchÒ assets at the earliest opportunity but there
can be no guarantee that the Company will be able to dispose of the
CoalSwitchÒ assets and further announcements will be made as
appropriate.
Enquiries:
|
Active Energy Group Plc
|
Michael Rowan (Chief
Executive Officer)
James
Leahy (Non-Executive
Chairman)
|
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.
