Business
Funding for Revolutionary Biomass Fuel Roll Out
Funding for Revolutionary Biomass Fuel Roll Out.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 5294S Active Energy Group PLC 26 June 2018 \n\nActive Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n26 June 2018\nActive Energy Group Plc ('Active Energy', the 'Company' or the 'Group')\nRaises £1m in oversubscribed placing to fund revolutionary biomass fuel execution strategy\n \nActive Energy, the London quoted international biomass based renewable energy and forestry management business, is pleased to announce that it has raised £1m (before expenses) through the issue of 33,333,333 new ordinary shares of 1p each ('Ordinary Shares') at a price of 3p per share (the 'Placing Shares') from new and existing investors (the 'Placing'). The net proceeds of the Placing will fund the execution phase of the Group's business plan which is focused on developing its forestry management operations and commercialising its revolutionary biomass drop in coal replacement fuel, CoalSwitch™ and related products including PeatSwitch and the Company's coal blended SuperFuel. \n \nOver the past few months, the Company has made significant progress in implementing its commercial strategy, developing a broader product portfolio and widening the commercial avenues available for CoalSwitch™. The successful testing of the first CoalSwitch™ plant in Utah, the agreement with Young Living Farms for the sale and construction of the first advanced organic soil plant utilising the Company's PeatSwitch technology to create organic, environmentally friendly peat replacements and the technical validation to permit commercial production in Poland of a new blended \"SuperFuel\" product that blends CoalSwitch™ technology with reclaimed Polish coal fines, all underpin the Company's potential.\n \nAs announced in its recent Final Results, the Company is now focused on executing commercial opportunities in both Canada, the US and Europe and the management team is being reorganised to deliver on this strategy. In particular, Richard Spinks will now lead the development of the forestry division, primarily in Canada, supported by Antonio Esposito a forestry professional with over 20 years' experience. This division is focused on re-invigorating forestry businesses through the implementation of modern forestry practises and the construction of CoalSwitch™ plants that should significantly incre...