Last checked at 6 Feb 2018 09:31
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
6 February 2018
Active Energy Group Plc ('Active Energy' or the 'Group')
Board Changes
Active Energy, the London quoted international biomass based renewable energy and forestry management and business, announces that Brian Evans-Jones is stepping down from the Board with immediate effect to focus exclusively on his role as Managing Director of Advanced Biomass Solutions Plc ('ABS') given the increasing commercial interest in CoalSwitch™ from the South East Asian region.
Active Energy acknowledges that the Group's Board will now temporarily consist of only two Directors. As previously announced, the Group appointed an interim finance professional to oversee current activities in Q4 of 2017 and has commenced the search for a new Finance Director. The Group also intends to appoint a new Independent Non-Executive Director in the short term. Further announcements will be made regarding both board positions as soon as practicable.
Active Energy Non-Executive Chairman, Michael Rowan, said, "We'd like to thank Brian for his contribution to the Board over the last few years and look forward to supporting him and his team as they focus exclusively on the commercialisation of our revolutionary CoalSwitch™ biomass fuel in South East Asia, which we see as a key market. In line with this, they continue to help develop our network of commercial partners in the forestry and plantation sectors in the region as the Group assesses new markets for CoalSwitch™.
"ABS has made progress building relationships with potential financial partners to fund the CoalSwitch™ plant roll-out programme. As previously announced, ABS is working with Los Angeles based Lumino Capital to develop a series of eight joint ventures in Vietnam and the Philippines and we look forward to providing the Group's shareholders with further updates regarding these joint ventures in due course. Additionally, major oil palm producers are now evaluating CoalSwitch™ as the biomass fuel of choice, due to it being the only technology available that can process the industry's waste, which contains high amounts of potassium. Furthermore, coal-fired power plants throughout the region are increasingly being required to change to biomass. We believe this creates a significant opportunity for the Group as CoalSwitch™ is the only technology capable of producing biomass pellets to be co-fired with coal at those levels."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR").
**ENDS**
Enquiries & Further Information:
Website |
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www.active-energy.com
www.abs-plc.com | www.linkedin.com/company/activeenergy
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Enquiries | ||
Active Energy Group Plc
| Michael Rowan Non-Executive Chairman
| michael.rowan@aegplc.com
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| Richard Spinks Chief Executive Officer
| richard.spinks@aegplc.com
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Northland Capital Partners Limited Nominated Adviser
| David Hignell/Gerry Beaney | Office: +44 (0)20 3861 6625 |
Optiva Securities Ltd Broker | Graeme Dickson
Ed McDermott |
Office: +44 (0)20 3137 1902
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St Brides Partners Financial PR Adviser
| Isabel de Salis/Megan Dennison | info@stbridespartners.co.uk Office: +44 (0) 20 7236 1177 |
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock Exchange-listed international renewable energy business based upon forestry assets. Its model is focussed on capturing the entire forestry value chain through sourcing, utilising and commercialising assets, and setting a new standard in the sustainable management and optimisation of timber resources. The Company is led by a highly technical and commercial team with the experience to execute its defined growth strategy and build its visibility, primarily as a London-listed timber opportunity with a revolutionary biomass fuel technology. It has two affiliate companies formed being:
· Advanced Biomass Solutions Plc (www.abs-plc.com), which is commercialising a revolutionary biomass coal replacement fuel, CoalSwitch™; and
· Timberlands International Ltd, a sustainable international forestry management business.
About CoalSwitch™:
CoalSwitch™ is the world's first direct drop-in replacement biomass fuel with the ability to transform the coal energy dynamic. Its unique qualities allow the fuel to be directly mixed in any ratio or completely replace coal in existing unmodified coal-fired power stations, negating the need for expensive retrofitting or avoiding complete plant closure. Unlike almost all biomass-based pellets, it does not have to use high-quality wood but can instead utilise low-cost waste material which translates into significant economic benefits. CoalSwitch™ has a unique solution to enable coal-fired power plants to continue operating at acceptable environmental standards. To facilitate the expansion, ABS is establishing operations in the Americas, Europe and Asia and has representation in those areas in terms of business development and technical support.