Business
CoalSwitch Site Awarded $500,000 Government Grant
CoalSwitch Site Awarded $500,000 Government Grant.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 7152W Active Energy Group PLC 23 April 2019 \n\nActive Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n23 April 2019\nActive Energy Group Plc ('Active Energy', 'AEG' or the 'Company')\nCoalSwitch™ Lumberton Site awarded US$500,000 Government grant for re-use and renovation\n \nActive Energy, the London quoted renewable energy business focussed on biomass, is pleased to announce that it has been awarded a US$500,000 building re-use and renovation grant for its new manufacturing site in Lumberton, Robeson County, North Carolina ('the Project' or 'the Lumberton Site'). The grant, awarded after the North Carolina Rural Infrastructure Authority voted to support the Project on Thursday 18th April, 2019, will be allocated through the Community Development Block Grant programme of the U.S. Department of Housing and Urban Development and administered in part by the North Carolina Department of Commerce. \n \nWorking with partners in North Carolina, Active Energy is aiming to make the Lumberton Site, the primary base for all the Company's United States CoalSwitch™ operations. It will be Active Energy's first permanent production facility, employing up to 50 personnel and is being developed as part of an anticipated US$50 million project finance investment plan at the Lumberton Site. The Project, acquired on 27 March 2019, includes up to 415,000 sq ft of covered factory space and circa 151 acres of surrounding land. It is strategically located adjacent to AEG's joint venture partner Georgia Renewable Power LLC (\"GRP\") and in prime lumber districts from which AEG will secure feedstock for its revolutionary CoalSwitch™ product. \n \nCoalSwitch™, a biomass-based fuel that utilises low-value forestry and agricultural residues and other feedstocks, is the world's only drop-in biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing coal-fired power stations without requiring plant modifications. \n \nMichael Rowan, CEO of AEG, said, \"We are delighted to receive this grant from the North Carolina Rural Infrastructure Authority and their vote of confidence as we continue to make progress on delivering our first commercial CoalSwitch™ product to market, which is our primary focus. The Lumberton Site gives...