Business
Final Results for the Year Ended 31 December 2019
Final Results for the Year Ended 31 December 2019.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4502O\n Active Energy Group PLC\n 01 June 2020\n \n \n \n \n 1 June 2020\n \n \n Active Energy Group Plc\n \n \n ('Active Energy', 'AEG', the 'Company' or the 'Group')\n \n \n Final Results for the Year Ended 31 December 2019\n \n \n \n \n \n Active Energy, the international biomass based renewable energy business, is pleased to announce its final results for the year ended 31 December 2019.\n \n \n \n \n \n Highlights:\n \n \n · \n Revenues of US$\n 1,895,972 \n (2018: US$195,000) reflecting licence income associated with AEG's CoalSwitch™ technology, rental income from AEG's Lumberton site and the provision of engineering consultancy services \n \n \n · \n Group's\n \n overall net assets position remained stable at US$371,859 (2018: US$497,408)\n \n \n · \n Acquisition of Lumberton site during the second quarter of 2019 - strategic hub for \n CoalSwitchTM\n development \n \n \n ·\n JV with Renewable Logistics Systems LLC (\"RLS\") in July 2019 - first revenues achieved during Q4 2019 with potential for ramp up in production\n \n \n · \n Continued developed of \n intellectual property portfolio around CoalSwitchTM in the US, EU, Malaysia, Thailand and Canada\n \n \n · \n James Leahy appointed as a non-executive Director in November 2019\n \n \n \n \n \n Post Period End:\n \n \n · \n Further strengthened the Board with the appointments of Max Aitken and Jason Zimmerman as non-executive Directors\n \n \n · \n Acquisition of 100% interest in all joint venture lumber activities at Lumberton from RLS - generating material revenues\n \n \n · \n Completion of Permit review by North Carolina Department of Environment and Natural Resources for the 5 tonne per hour \n CoalSwitchTM\n plant at Lumberton - final public comment closing on 26 June 2020\n \n \n \n \n \n Outlook:\n \n \n ·\n AEG is well placed to rapidly scale up its Lumberton site and utilise its existing timber and lumber market infrastructure to accelerate its market presence creating additional revenues\n \n \n ·\n Development of our CoalSwitch\n \n TM\n \n plant at Lumberton to start shortly to realise our ambition of being a leading producer of environmentally friendly, next generation, biomass pellets\n \n \n · \n AEG will publish its Notice of AGM in due course\n \n \n \n \n \n \n Michael Rowan,...