Business
Interim Results for Six Months Ended 30 June 2020
Interim Results for Six Months Ended 30 June 2020.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3575A\n Active Energy Group PLC\n 29 September 2020\n \n \n \n 29 September 2020\n Active Energy Group Plc\n ('Active Energy', 'AEG', the 'Company' or the 'Group')\n Interim Results for the Six Months Ended 30 June 2020\n Active Energy, the international biomass based renewable energy business, is pleased to announce its interim results for the six months ended 30 June 2020.\n Highlights:\n \n · \n Lumber operations continued at Lumberton, North Carolina (\"Lumberton\" or the \"Lumberton Site\") throughout the period in spite of the COVID-19 operating conditions. \n \n \n · \n Lumber operations increased substantially following the completion of the acquisition\n of the joint venture interest in Renewable Energy Systems, LLC (\"RES\") from \n Renewable Logistics Systems LLC (\"RLS\") announced on 31 March 2020. All lumber activities at Lumberton are now wholly controlled and operated by Active Energy Renewable Power (\"AERP\"), a wholly owned subsidiary of the Company. \n \n \n · \n Revenues of US$499,893 for H1 2020 (H1 2019: US$99,830), reflecting the increasing lumber operational activity.\n \n \n · Completion of a fund raising of £800,000 (gross) through the issuance of Convertible Loan Notes (\"CLN\") with the proceeds immediately deployed to accelerate the development of lumber production volumes.\n \n · Strengthening of operational and industry expertise with the appointments of Max Aitken and Jason Zimmerman as independent Non-Executive Directors in January 2020.\n \n Activities post the end of the Period:\n \n · In August 2020, the grant of the Construction and Air Permit (the \"Permit\") by the North Carolina Division of Air Quality which allows the Company to complete the construction of its existing CoalSwitch™ plant, thereby enabling its operation to produce CoalSwitch™ pellets at Lumberton.\n \n · Expansion of lumber operations and sales at Lumberton through increased container shipping capacity for saw log export to international customers and the commencement of a second sawmill shift following the Labour Day weekend.\n \n · Appointment of an industry qualified engineering firm as the EPC for the CoalSwitch™ plant at Lumberton, this role includes project specific engineering and the commencement of site specific detailed engineering.\n \n ·Announced an equity...