LUMBERTON, N.C., March 31, 2022 (GLOBE NEWSWIRE) -- Active Energy Group (AIM:AEG), producer of CoalSwitch™, a new clean energy pellet, announced it has entered into a sale and purchase agreement with Phoenix Investors LLC for its Lumberton Site (“Lumberton”) in North Carolina. Proceeds from the sale will be used for the development of AEG’s Ashland, Maine commercial production facility.
“AEG has a singular focus right now on accelerating commercial production to meet the increasing interest in and demand for CoalSwitch,” said Michael Rowan, CEO of Active Energy Group. “We are completing engineering and design activities and have initiated permitting for the Ashland Facility. Bringing that facility online offers us not only the chance to produce and sell CoalSwitch, but also to obtain the critical operational data that will further demonstrate the fuel’s benefits and accelerate the permitting process in other locations across the U.S.”
In February, independent testing of CoalSwitch demonstrated that the fuel burns cleaner and produces fewer pollutants than coal while outperforming other “white” pellets. Earlier this month AEG achieved Chain of Custody (CoC) and Controlled Wood certifications that are compliant with Forest Stewardship Council® (FSC) standards for CoalSwitch. Both achievements have resulted in increased interest in CoalSwitch as a complementary renewable fuel to co-fire with coal from power generation companies and other hard-to-decarbonize industries.
“We appreciate the support we have received from the community and its leaders in Lumberton and Robeson County,” said Rowan. “We still believe there is significant opportunity for CoalSwitch in the region and look forward to future collaboration with the state.”
Phoenix Investors is a commercial real estate firm focused on the revitalization of former manufacturing facilities throughout the United States. It aims to inspire and drive the transformation and reinvigoration of the economic engines in the communities which it serves. The Lumberton sale is subject to a 75-day due diligence and closing period, with closing of the transaction and receipt of sale proceeds expected in June 2022.
About Active Energy Group:
Active Energy Group plc is a London listed (AIM: AEG) renewable energy company that has developed a proprietary technology which transforms waste biomass into renewable energy. Its patented product CoalSwitch™ is a leading drop-in biomass feedstock that can co-fire with coal or replace up to 100 percent of the coal in power stations without requiring plant modification. The company is developing commercial production facilities in Lumberton, North Carolina and Ashland, Maine which will supply power and utility customers, including the pilot program at PacifiCorp’s Hunter Power Plant in Utah. More information is available at www.aegplc.com.
FSC License Code: FSC-C175386
