Active Energy Group PLC Board Changes (0256E)
February 06 2018 - 3:31AM
UK Regulatory
TIDMAEG
RNS Number : 0256E
Active Energy Group PLC
06 February 2018
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
6 February 2018
Active Energy Group Plc ('Active Energy' or the 'Group')
Board Changes
Active Energy, the London quoted international biomass based
renewable energy and forestry management and business, announces
that Brian Evans-Jones is stepping down from the Board with
immediate effect to focus exclusively on his role as Managing
Director of Advanced Biomass Solutions Plc ('ABS') given the
increasing commercial interest in CoalSwitch(TM) from the South
East Asian region.
Active Energy acknowledges that the Group's Board will now
temporarily consist of only two Directors. As previously announced,
the Group appointed an interim finance professional to oversee
current activities in Q4 of 2017 and has commenced the search for a
new Finance Director. The Group also intends to appoint a new
Independent Non-Executive Director in the short term. Further
announcements will be made regarding both board positions as soon
as practicable.
Active Energy Non-Executive Chairman, Michael Rowan, said, "We'd
like to thank Brian for his contribution to the Board over the last
few years and look forward to supporting him and his team as they
focus exclusively on the commercialisation of our revolutionary
CoalSwitch(TM) biomass fuel in South East Asia, which we see as a
key market. In line with this, they continue to help develop our
network of commercial partners in the forestry and plantation
sectors in the region as the Group assesses new markets for
CoalSwitch(TM).
"ABS has made progress building relationships with potential
financial partners to fund the CoalSwitch(TM) plant roll-out
programme. As previously announced, ABS is working with Los Angeles
based Lumino Capital to develop a series of eight joint ventures in
Vietnam and the Philippines and we look forward to providing the
Group's shareholders with further updates regarding these joint
ventures in due course. Additionally, major oil palm producers are
now evaluating CoalSwitch(TM) as the biomass fuel of choice, due to
it being the only technology available that can process the
industry's waste, which contains high amounts of potassium.
Furthermore, coal-fired power plants throughout the region are
increasingly being required to change to biomass. We believe this
creates a significant opportunity for the Group as CoalSwitch(TM)
is the only technology capable of producing biomass pellets to be
co-fired with coal at those levels."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 ("MAR").
**ENDS**
Enquiries & Further Information:
Website LinkedIn
---------------------- --------------------------------------
www.active-energy.com www.linkedin.com/company/activeenergy
www.abs-plc.com
---------------------- --------------------------------------
Enquiries
----------------------------------------------------------------------------
Active Energy Michael Rowan michael.rowan@aegplc.com
Group Plc Non-Executive Chairman
------------------- ------------------------- ----------------------------
Richard Spinks richard.spinks@aegplc.com
Chief Executive Officer
------------------- ------------------------- ----------------------------
Northland Capital David Hignell/Gerry Office: +44 (0)20
Partners Limited Beaney 3861 6625
Nominated Adviser
------------------- ------------------------- ----------------------------
Optiva Securities Graeme Dickson Office: +44 (0)20
Ltd Ed McDermott 3137 1902
Broker
------------------- ------------------------- ----------------------------
St Brides Partners Isabel de Salis/Megan info@stbridespartners.co.uk
Financial PR Dennison Office: +44 (0)
Adviser 20 7236 1177
------------------- ------------------------- ----------------------------
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources. The
Company is led by a highly technical and commercial team with the
experience to execute its defined growth strategy and build its
visibility, primarily as a London-listed timber opportunity with a
revolutionary biomass fuel technology. It has two affiliate
companies formed being:
-- Advanced Biomass Solutions Plc (www.abs-plc.com), which is
commercialising a revolutionary biomass coal replacement fuel,
CoalSwitch(TM); and
-- Timberlands International Ltd, a sustainable international forestry management business.
About CoalSwitch(TM):
CoalSwitch(TM) is the world's first direct drop-in replacement
biomass fuel with the ability to transform the coal energy dynamic.
Its unique qualities allow the fuel to be directly mixed in any
ratio or completely replace coal in existing unmodified coal-fired
power stations, negating the need for expensive retrofitting or
avoiding complete plant closure. Unlike almost all biomass-based
pellets, it does not have to use high-quality wood but can instead
utilise low-cost waste material which translates into significant
economic benefits. CoalSwitch(TM) has a unique solution to enable
coal-fired power plants to continue operating at acceptable
environmental standards. To facilitate the expansion, ABS is
establishing operations in the Americas, Europe and Asia and has
representation in those areas in terms of business development and
technical support.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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