Active Energy Group PLC Corporate Update (2504Z)
December 13 2017 - 7:30AM
UK Regulatory
TIDMAEG
RNS Number : 2504Z
Active Energy Group PLC
13 December 2017
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
13 December 2017
Active Energy Group Plc ('Active Energy' or 'the Group')
Corporate Update
Active Energy, the London quoted international biomass based
renewable energy and forestry management and business, announces
that, given the increasing commercial interest in CoalSwitch(TM),
Brian Evans-Jones will be changing his responsibilities to focus
exclusively on Advanced Biomass Solutions Plc ('ABS') in his role
at Managing Director.
ABS is focused on commercialising CoalSwitch(TM). Following the
achievement of recent commercial milestones and the near completion
of construction of the first five-tonne per hour CoalSwitch(TM)
plant in Utah, the Board of Active Energy believe this is the
moment to re-assign responsibilities. Mr. Evans-Jones will no
longer have responsibilities as CFO but will remain on the Group's
Board as a Director. The Group has commenced the search for a new
Finance Director and has already appointed an interim finance
professional to oversee current activities. Further announcements
will be made in due course.
In addition, the Group announces that, following its recent
placing, it has appointed Optiva Securities Ltd ("Optiva") as its
sole broker with immediate effect.
Active Energy Non-Executive Chairman, Michael Rowan, said, "Due
to the significant recent developments with ABS and our
revolutionary CoalSwitch(TM) biomass fuel, we needed a dedicated
Managing Director to interface with potential clients, manage
existing commercial and government relationships and to execute new
opportunities to build value. Brian's in-depth knowledge of the ABS
business made him the obvious choice to fill that role. The timing
is particularly astute as we are close to commencing production at
our first commercial CoalSwitch(TM) plant in Utah, USA, to generate
revenue and allow us to produce large scale quantities for testing
and utilisation internationally.
"Brian will remain a valued member of the Group's Board. We have
already appointed an interim finance professional to oversee the
current activities of the Group's finance function and we intend to
announce the appointment of a new full time Finance Director in due
course.
"We are also pleased to welcome Optiva, which supported our
recent fundraise and will now act as the Group's Sole Broker. We
look forward to benefiting from Optiva's experience at representing
growth companies on a global scale as we focus on moving both ABS
and our Timberlands division towards commercial production."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 ("MAR").
**ENDS**
Enquiries & Further Information:
Website LinkedIn
---------------------- --------------------------------------
www.active-energy.com www.linkedin.com/company/activeenergy
www.abs-plc.com
---------------------- --------------------------------------
Enquiries
----------------------------------------------------------------------------
Active Energy Michael Rowan michael.rowan@aegplc.com
Group Plc Non-Executive Chairman
------------------- ------------------------- ----------------------------
Richard Spinks richard.spinks@aegplc.com
Chief Executive Officer
------------------- ------------------------- ----------------------------
Northland Capital Patrick Claridge/David Office: +44 (0)20
Partners Limited Hignell/Gerry Beaney 3861 6625
Nominated Adviser
------------------- ------------------------- ----------------------------
Optiva Securities Graeme Dickson
Ltd Ed McDermott Office: +44 (0)20
Broker 3137 1902
------------------- ------------------------- ----------------------------
St Brides Partners Isabel de Salis/Megan info@stbridespartners.co.uk
Financial PR Dennison Office: +44 (0)
Adviser 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(TM); and
-- Timberlands International Ltd, a sustainable international forestry management business.
About CoalSwitch(TM):
CoalSwitch(TM) 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(TM) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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