TIDMAEG
Active Energy Group PLC
02 October 2015
2 October 2015
Active Energy Group Plc
("Active Energy Group" or the "Group" or the "Company" or
"AEG")
Update on AEG CoalSwitch Biomass for Energy Joint Venture
Active Energy Group Plc (AIM: AEG.L), the London Stock Exchange
AIM-quoted international supplier of wood fibre products for MDF
manufacturing, global forestry and natural resources development
services, and Biomass for Energy (BFE) coal replacement fuel
solutions and processing systems, announces that it is aware of
market speculation concerning its recently-announced AEG CoalSwitch
joint venture following the article in The Times newspaper
today.
On 14 September 2015, the Group announced that it had entered
into a joint venture agreement with Biomass Energy Enhancements LLC
and had formed a new company, AEG CoalSwitch Limited, to
exclusively commercialise a revolutionary new clean energy Biomass
fuel which can be utilised in traditional coal-fired power plants
as a direct 'drop in' replacement for coal.
The announcement has generated considerable international
interest from coal-fired power plant owners and operators, as it
enables them to greatly reduce carbon dioxide (CO(2) ) and
greenhouse gas emissions, as well as other hazardous air
pollutants, without having to either invest huge sums in converting
their power generating facilities to comply with increasingly
stringent emissions standards and carbon tax regulations, or be
forced to close their plants as the cost of conversion is
uneconomic.
As evidence of that, the owners of the Eggborough power station
in North Yorkshire have cited carbon taxes and EU emissions
standards as the primary factors behind their recent decision to
close the plant in March 2016; and an EU-sponsored report from July
2014 named 30 European coal-fired power plants - the 'Dirty 30' -
whose CO(2) emissions are endangering the entire EU policy on
climate, energy and air pollution, which is intended to
significantly reduce the major causes of climate change.
Eggborough power station is just one of several power plants in
Europe, North America and the Middle East with whom the AEG
CoalSwitch team have been in communication regarding their new coal
replacement Biomass fuel; as it could potentially enable them to
reverse their closure plans, save jobs, and maintain their current
electricity generating capacity while complying with clean air
regulations and emissions targets.
The Board of AEG wishes to stress that all such discussions are
at a very early stage; that no commitments have been made to
individual plant owners or operators; and that, as per its
announcement dated 14 September 2015, it intends to complete
construction of the first high-volume CoalSwitch fuel manufacturing
system by mid-2016.
Richard Spinks, CEO of Active Energy Group, commented "The AEG
CoalSwitch team have been overwhelmed by the international interest
in our unique Biomass clean energy fuel since we first announced it
in mid-September."
"In the past three weeks I have personally met with coal-fired
power plant owners in Eastern Europe, Canada and the United States
- as well as some of the world's leading manufacturers of
traditional Biomass pellets - and it is clear that our technology
has the potential to revolutionise the entire power generation
industry and greatly contribute to reducing CO(2) and other harmful
gaseous emissions that cause climate change."
"However, it is still early days and we have a great deal to do.
In conjunction with our key manufacturing partner, Munro &
Associates, we are currently moving ahead to upscale the processing
system, and intend to update the market on the progress of this
exercise as we achieve key milestones."
"Any suggestion that AEG has selected a particular coal-fired
electricity generating plant or company is premature, and any such
agreement would be announced through the proper regulatory
channels. In the meantime, AEG CoalSwitch is establishing a number
of important commercial relationships which we believe will be
fundamental to our future success, and we welcome interest from all
sectors of the power generation, Biofuel and renewable energy
industries."
- ENDS -
NOTES TO EDITORS & CONTACT INFORMATION
ABOUT ACTIVE ENERGY GROUP PLC:
Active Energy Group Plc is a London Stock Exchange AIM-quoted
company (AIM: AEG.L). Headquartered in the UK, it is a
fast-expanding international business that has experienced
exceptionally strong growth and diversification into complementary
industry sectors since the current management team assumed
responsibility in mid-2012.
The Group has considerable expertise across the entire timber
industry supply chain - from forest to finished product.
Its three specialist business divisions, which reflect its
knowledge and experience and which work together to maximise
commercial opportunities, are focussed on providing products and
services to specific global market sectors:
-- Forestry & Natural Resources Development and Management
-- Wood Fibre Products for Medium-Density Fibreboard (MDF) Manufacturing
-- Advanced Biomass for Energy (BFE) Fuel Solutions and Processing Systems
Active Energy Group Plc operates from four international
locations:
-- Ukraine, where it is the largest producer and exporter of
wood fibre for the Turkish MDF manufacturing sector.
-- Canada, where it has entered into a landmark joint venture -
KAQUO Forestry & Natural Resources Development Corporation -
with several indigenous Métis Settlements to commercialise in
excess of 250,000 hectares of their lands, which contain valuable
forests and natural resources, including oil and gas reserves.
-- The United Kingdom and United States of America, where it
develops advanced Biomass for Energy fuels and fuel processing
systems that convert waste wood and industrial/agricultural
residues into coal replacement feedstock for clean energy power
generation in a joint venture - AEG CoalSwitch Limited - with
Biomass Energy Enhancements LLC.
Ukraine and Canada, with their large forestry reserves and
comprehensive road, rail and sea transport links, are ideal
locations from which to source raw Biomass material for conversion
into wood fibre for MDF manufacturing and enhanced sustainable
fuels for electricity generating power plants.
A highly experienced and dedicated management team leads Active
Energy Group Plc, each of whom possesses a proven track record in
the industries and regions in which it operates and from which its
revenues are generated.
The Company has grown significantly in recent years, and has
established a firm foundation, excellent reputation and
international customer base upon which to build for the future.
WEBSITE: LINKEDIN: TWITTER:
www.active-energy.com www.linkedin.com/company/activeenergy www.twitter.com/aegplc
(@aegplc)
ENQUIRIES:
Active Energy Group Plc
+39 344 111
Richard Spinks richard.spinks@active-energy.com Intl.: 6071
Chief Executive +380 503
Officer Ukraine: 942 702
+972 (0)54
Mark Broomer mark.broomer@active-energy.com Intl.: 575 3091
+44 (0)7703
Corporate Communications UK: 18 88 18
AEG CoalSwitch Ltd.
+1 239 851
Chase Fritz chas.fritz@active-energy.com US: 6304
Chief Executive
Officer
WH Ireland Ltd. (Nominated Adviser and Broker)
Chris Fielding/Mark +44 (0)20
Leonard Office: 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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