Business
£1.75m to Accelerate Roll-Out of CoalSwitchT
£1.75m to Accelerate Roll-Out of CoalSwitchT.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 1840V Active Energy Group PLC 01 November 2017 \n\nActive Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n1 November 2017 \nActive Energy Group Plc ('Active Energy' or 'the Group')\nRaises £1.75m to Accelerate the Commercial Roll-Out of Revolutionary CoalSwitch™ Biomass Fuel\n \nActive Energy, the London quoted international biomass based renewable energy and forestry management and business, is pleased to announce that it has completed an oversubscribed placing totalling £1.75 million (before expenses) through the issue of 83,333,334 new ordinary shares of 1p each (\"Ordinary Shares\") at a price of 2.1p per share (the \"Placing Shares\") from new and existing investors (the \"Placing\"). The net funds raised will be used to accelerate the international commercial roll out of its revolutionary CoalSwitch™ biomass fuel and for working capital.\n \nActive Energy, through Advanced Biomass Solutions Plc ('ABS'), continues to make significant progress in the commercialisation of CoalSwitch™. The Group recently received a huge commercial endorsement for CoalSwitch™ when ABS entered into an agreement with Lumino Capital LLC for the financing, development and operation of eight 20 to 30 tonnes per hour CoalSwitch™ plants across South East Asia. More detailed information relating to this agreement was announced in the Group's announcement of 21 September 2017. \n \nWith regards to Timberlands International Ltd, the Group awaits feedback from the Ministry of Fisheries and Land Resources of the Crown Province of Newfoundland and Labrador following the submission of the final documents relating to a Crown Timber Licence ('CTL') and Forestry Management Agreements (the 'FMAs') on the Forestry Management Districts 17 and 18, as announced on 12 October 2017. \n \nActive Energy Non-Executive Chairman, Michael Rowan, said, \"CoalSwitch™ is a game-changing biomass product that we believe has the potential to transform the energy sector. The support from new and existing shareholders for our roll out strategy, which we want to accelerate due to the high levels of interest we are receiving, is a great endorsement. \n \n\"We believe this is a transformational period for the Group. We have a robust outlo...