Business
Sale of the Lumberton site for $4.65 million
Sale of the Lumberton site for $4.65 million.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6797G\n Active Energy Group PLC\n 31 March 2022\n \n \n \n \n \n The information contained within this announcement\n \n \n is deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.\n \n \n \n \n \n \n \n \n \n Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n \n \n \n 31st March 2022\n \n \n Active Energy Group Plc\n \n \n (\"Active Energy\", \"AEG\" or the \"Company\")\n \n \n \n \n \n Sale of the Lumberton site for $4.65 million\n \n \n \n \n \n Active Energy, the London quoted international biomass based renewable energy business, is pleased to announce it has entered into a sale and purchase agreement with Phoenix Investors LLC (\"Buyer\") for the sale of its Lumberton site in North Carolina (the \"Lumberton Site\").\n \n \n Highlights:\n \n \n · \n Sale of Lumberton Site for gross cash proceeds of $4.65 million (before expenses)\n \n \n · \n Net proceeds of the sale will be used for the development of the Company's CoalSwitchTM production facility at Ashland, Maine \n \n \n · \n Active Energy's immediate strategic focus is on completing its first CoalSwitchTM production facility in Ashland, Maine (the \"Ashland Facility\")\n \n \n Sale of the Lumberton Site\n \n \n The funds raised by the Company in December 2021 have allowed it to commence work on permitting for the Ashland Facility and to complete engineering and design activities. The net proceeds from the sale of the Lumberton Site, which had a net book value as at 30 June 2021 of $4.0 million, will allow the Company to further its development of the Ashland Facility.\n \n \n AEG is seeing unprecedented enquiries for the CoalSwitch™ product following the independent test results demonstrating the superior qualities of CoalSwitch™ over both coal and white pellets. The completion of the Ashland Facility will allow the Company to meet the growing potential demand for this next generation fuel from both power generation markets and other hard-to-decarbonize industries.\n \n \n Phoenix Investors LLC is a US-based commercial real estate firm, the core business of which is the revitalisation of former manufacturing facilities throughout the United States. The Lumberton sale is subject to a 75-day due di...