Business
Audited results for the year ended 31/12/2022
Audited results for the year ended 31/12/2022.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n\n05 June 2023\n \nActive Energy Group Plc\n \n(\"Active Energy\" or the \"Company\")\n \nAudited results for the year ended 31 December 2022\n \nActive Energy (AIM: AEG, OTCQB: ATGVF), the international biomass based renewable energy business, is pleased to announce the publication of its audited results for the year ended 31 December 2022.\n \nOperational Highlights:\n· Expansion of the Company's sales function in USA and Europe:\no first order for CoalSwitch® from Carolina Stalite for CoalSwitch® fuel; and\no written indications of interest of the supply of up to 10,000 tonnes of fuel for clients in the UK in 2023.\n· Extension of IP protection, including the award of the Malaysian Patent for future CoalSwitch® production in the South East Asian Region.\n· In March 2022, the Group achieved Chain of Custody and Controlled Wood Certification compliant with the Forest Stewardship Council®(\"FSC®\") standards for its CoalSwitch® fuel.\n· Completion of the Karbone Renewable Energy Credit and Environmental Attribute Report published in November 2022, demonstrating CoalSwitch® could qualify for significant production and consumption subsidies from individual US states, ranging up to $90 per ton.\n· Positive results received following the completion of the independent study by LifeCycle Analysis in California on the carbon impact of CoalSwitch® production published in June 2022, showing a reduction of Co2 by 99% relative to coal.\n· Appointment of Michelle Fagan as the Company's interim Chief Financial Officer in November 2022.\n \nFinancial Highlights:\n· Sale of the Lumberton Site completed on 30 June 2022 with:\no gross consideration of US $4.65million; and\no net cash proceeds of US$3.92million received.\n· Operating Loss for the year of US$1,343,745 (2021: US$5,881,768).\n· Cash at bank as at 31 December 2022 US$2,614,472 (2021: US$1,940,871).\n· Basic and diluted loss per share from continuing operations of $0.35 cents (2021 Restated: $4.57 cents).\n \nActivities post the year end:\n· Permit awarded to the Company's engineering partner, Player Design International (\"PDI\")...