Business
Audited Results for year ended 31 December 2020
Audited Results for year ended 31 December 2020.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7158B\n Active Energy Group PLC\n 14 June 2021\n \n \n \n Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n 14 June 2021\n \n Active Energy Group Plc\n (\"Active Energy\", \"AEG\", \"Group\" or the \"Company\")\n \n Audited Results for the year ended 31 December 2020\n \n Active Energy, the London quoted renewable energy company focused on the production and development of next generation biomass products, is pleased to announce the publication of its financial results for the year ended 31 December 2020.\n \n CoalSwitchTM development and ongoing operations\n \n \n · Ongoing IP development with awards of patents in US in December 2020 and Canada in June 2021. EU patent approval pending. Ongoing applications for patents in South East Asia.\n \n · Air and construction permit awarded in August 2020 for the Lumberton CoalSwitchTM facility (the \"Lumberton Facility\").\n \n · First commercial order from PacifiCorp to deliver CoalSwitch™ (\"CoalSwitch\") to its coal-fired power plant in Utah.\n \n ·Appointment of Player Design Inc. (\"PDI\"), well known throughout North America as an EPC for pellet manufacturing facilities, as the Company's EPC contractor. Construction on time and on budget until suspension in May to amend the air permit for additional emissions reduction equipment.\n \n ·Ongoing interaction with environmental regulators in North Carolina to amend the permit and allow final completion of the Lumberton Facility.\n \n ·A second CoalSwitch production facility at Ashland in Maine, USA (the \"Ashland Facility\") obtained requisite operating permission to produce CoalSwitch from the State of Maine and a joint venture established between AEG and PDI for CoalSwitch production from the Ashland facility.\n \n · First production of CoalSwitch at the Ashland Facility in June 2021 and commencement of delivery of CoalSwitch to PacifiCorp in Utah.\n \n ·Lumber operations continued at Lumberton throughout the period despite COVID-19 restrictions. Saw log export operation ceased in 2021, and sawmill activities under review.\n \n Corporate activity\n \n \n · Equity fundraise of £1.51m (before expenses) completed in September 2020.\n \n · Funds raised of £800,000 (gross) via the issuance of Convertible Loan Notes (\"CLNs\") during 2020....