Business
Business update for Q1 2023
Business update for Q1 2023.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \n \n 31 March 2023\n \n \n \n \n \n Active Energy Group Plc\n \n \n (\"Active Energy\", \"AEG\", or the \"Company\")\n \n \n \n \n \n Business update for Q1 2023\n \n \n \n \n \n Continued progress towards\n CoalSwitch® production\n \n \n \n \n \n Active Energy (AIM:AEG, OTCQB:ATGVF), the international biomass based renewable energy business, is pleased to provide a business update at the end of the first quarter.\n \n \n \n \n \n \n Summary of activities\n \n \n \n \n \n \n During the quarter AEG has continued to work toward generating future commitments for sales of CoalSwitch®, including prospective sales of the proprietary CoalSwitch® production technology. The Company's sales teams in the US and UK have extended the sales pipeline of customers who wish to purchase CoalSwitch® product. Currently in the UK, the indications of interest have extended to above 10,000 tonnes of fuel and future customers have indicated a desire to enter longer term supply contracts.\n \n \n \n \n \n Player Design Inc (\"PDI\") has confirmed that preparation and construction for the first CoalSwitch® production facility (the \"Facility\") at PDI's site at Ashland, Maine continues to progress and is scheduled for completion in Q2 2023. Preparations include ongoing conversations with the State of Maine in regard to the relevant permit amendments applicable to the Facility.\n \n \n \n \n \n PDI has informed the Company that it still anticipates that first production of CoalSwitch® product at the Facility should commence during Q2 and that these volumes will be available for delivery to prospective AEG customers. PDI's initial production volumes remain targeted at an annualised rate of 35,000 tons per annum for deliveries to AEG's customers in the US and in Europe.\n \n \n \n \n \n To assist current production activities at Ashland, AEG has agreed with PDI to act as the European distributor for PDI's other biomass-based products, namely pressed logs, which are being produced at the Facility. AEG has received the relevant authorisations to permit UK sales and the first products have arrived in the UK. The sale of this biomass-based product provides AEG with the additional opportunity to forge early commercial relationships with potential future UK based customers for CoalSwitch®. These distr...