Business
Interim Results for 6 Months Ended 30 June 2021
Interim Results for 6 Months Ended 30 June 2021.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1295N\n Active Energy Group PLC\n 28 September 2021\n \n \n \n \n 28 September 2021\n \n \n \n \n \n Active Energy Group Plc\n \n \n ('Active Energy', 'AEG', the 'Company' or the 'Group')\n \n \n Interim Results for the Six Months Ended 30 June 2021\n \n \n Active Energy, the international biomass based renewable energy business, is pleased to announce its interim results for the six months ended 30 June 2021.\n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n Interim Financial Report for the six months ended 30 June 2021 and strategic update\n \n \n Active Energy Group plc today announces its unaudited interim results for the six months ended 30 June 2021 and provides a strategic update for the Company's shareholders.\n \n \n Operational Highlights:\n \n \n · \n Construction of a second CoalSwitch reference plant at Ashland, Maine (the \"Ashland Facility\") as part of a joint venture with Player Design Inc. \n \n \n o \n First CoalSwitch production commenced at the Ashland Facility in May 2021\n \n \n o \n Transition from conceptual technology to production of next generation biomass fuel\n \n \n o \n Initial deliveries of CoalSwitch to University of Utah, Brigham Young University and PacifiCorp in June 2021\n \n \n o \n Samples of CoalSwitch delivered to twelve prospective customers\n \n \n · \n Independent CoalSwitch analysis from University of New Brunswick confirm the product's superior qualities to white pellets as well as its suitability as a sustainable substitute for carbon emitting fuels\n \n \n · \n Construction of CoalSwitch reference plant at Lumberton, N.C. (\"Lumberton\") Facility near completion but suspended and requiring permit amendment\n \n \n · \n Company ceases lumber and saw log activities in order to focus on strategy of delivering a next generation biomass pellet\n \n \n Financial Highlights:\n \n \n · \n Major balance sheet restructuring successfully completed\n \n \n o \n Equity fundraise of £7.0 million (gross of expenses)\n \n \n o \n Conversion and redemption of outstanding convertible loan notes and removal of security over the Company's assets\n \n \n · \n Revenue for H1 21 of US$636,241 (H1 20: $499,893)\n \n \n · \n Loss for the reporting period of US$2,039,316 (H1 20: US$593,914)\n \n \n Post Per...