Proactive Investors - Run By Investors For Investors

Active Energy awarded US$500,000 to help build new US manufacturing plant

The US$500,000 building re-use and renovation grant will help fund the development of the plant in Lumberton, North Carolina
lumberton map
AEG expects to employ as many as 50 workers at the plant once it is up and running

Active Energy Group PLC (LON:AEG) shares gained on Tuesday after news it has been awarded a US$500,000 renovation grant to help build its new manufacturing site in Lumberton, North Carolina.

The grant comes after the North Carolina Rural Infrastructure Authority (NCRIA) voted to support the project last week.

READ: AEG persuading companies of the benefits of CoalSwitch

“We are delighted to receive this grant from the NCRIA and their vote of confidence as we continue to make progress on delivering our first commercial CoalSwitch product to market, which is our primary focus,” said chief executive Michael Rowan.

“Importantly, Lumberton provides a foundation for our onward expansion as it benefits from proximity to multiple power stations as well as the US Eastern Seaboard, ensuring AEG is connected to established export routes for sales of CoalSwitch domestically and internationally.”

Working with its partners in North Carolina, Active is looking to make Lumberton the base of its CoalSwitch operations in the US.

It will be the company’s first permanent production facility, employing up to 50 members of staff.

The 415,000 sq ft plant, which also comes with 151 acres of surrounding land, is situated in “prime lumber districts” where it will secure feedstock for its CoalSwitch biomass technology.

CoalSwitch is a fuel substitute made from waste wood, which would otherwise have been left to rot following forestry operations. It can replace coal in existing coal-fired power stations without requiring plant modifications.

In early afternoon trading, Active Energy shares were 3.2% higher at 0.49p.

 -- Adds share price --

View full AEG profile View Profile

Active Energy Group PLC Timeline

Related Articles

High Peak chairman Andy Carroll at a CEO Session
November 21 2018
High Peak claims royalties from oil and gas endeavours on Australian and US landholdings.
Egypt
April 08 2019
The South Disouq project has been pushed back towards the end of 2019
Northern Territory
May 07 2019
The exploration and appraisal programme will include the drilling and hydraulic fracture stimulation of two horizontal wells
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use