Business
Final Results & Proposed Board Changes
Final Results & Proposed Board Changes.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 8199R Active Energy Group PLC 19 June 2018 \n\nActive Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n19 June 2018\nActive Energy Group Plc ('Active Energy', 'AEG', the 'Company' or the 'Group')\nFinal Results for the Year Ended 31 December 2017 & Proposed Board Changes\n \nActive Energy, the London quoted international biomass based renewable energy and forestry management business, announces its final results for the year ended 31 December 2017. The Company's Annual Report and financial statements for the year ended 31 December 2017 and the Company's 2018 Notice of AGM will be posted to shareholders shortly.\n \nOverview\n· Significant progress towards commercialisation of the Company's revolutionary direct drop-in coal replacement biomass fuel, CoalSwitch™, and its engineered soils derivative, PeatSwitch\n· Inaugural five-tonne-per-hour CoalSwitch™ plant in Utah constructed and commissioned in Q1 2018, providing product for international utility companies, government agencies and coal power plant operators \n· Ongoing negotiations regarding Forestry Management Agreement in Newfoundland & Labrador to secure additional supply of feedstock for CoalSwitch™ and to monetise underutilised forestry assets \n· Expanded forestry management activities through AEG Timberlands during 2017 and H1 2018 including the recent Memorandum of Understanding with PowerWood Canada which has the potential to provide the Group with access to additional Forestry Management Agreements relating up to five million hectares of natural forestry in Alberta, Canada\n· Exited interests in low margin, high-risk Ukrainian wood fibre operations to focus on high-margin opportunities in United States, Canada and Europe\n· Raised US$15.9m (gross) of new capital through the issue of convertible loan notes and an oversubscribed placing involving both existing, new and institutional investors \n \nIn line with the focused corporate strategy and execution of the new opportunities in Canada and Europe, the Board announces that it has agreed with Richard Spinks that Richard should now focus his efforts on the development of new CoalSwitch™ opportunities in Poland, and...