Active Energy Group Develops New Technology Roadmap for CoalSwitch Biomass Fuel
Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF) has announced the creation of a new “roadmap” for its CoalSwitch biomass fuel, as potential customers eagerly await the first production from its partner facility in the US. The company reported its results for the first six months of 2023, highlighting the commissioning of the US facility in Ashland, Maine, as its main near-term milestone. During this period, the company expanded its management team and developed new production partnerships in the US and internationally, with the aim of increasing CoalSwitch production volumes.
The approval of the Inflation Reduction Act and changes to the US political environment have resulted in an increasing number of inquiries about CoalSwitch from potential customers in heavy industries that are struggling to decarbonize. CoalSwitch is a “black” biomass pellet made from wood remnants and forestry residuals, designed to overcome the limitations of the “white” pellets that currently serve as the main biomass feedstock. It offers significantly lower moisture content, improved energy density, and enhanced transport and storage logistics.
The Ashland facility, in partnership with Player Design Inc (PDI), received construction and operation permits in May. However, the date of first production has been pushed back to November due to delayed delivery of components. Despite the delays, Active Energy Group’s CEO, Michael Rowan, stated that the company’s new executive team has developed an expanded technology roadmap that aims to create new opportunities for CoalSwitch fuel. This roadmap includes modifications and upgrades to the existing technology, as well as the addition of new technologies to improve efficiencies and expand the range of clean carbon products that Active Energy can produce.
Active Energy Group reported a net cash position of US$1.2 million at the end of June, compared to US$2.6 million at the end of December. Operating cash outflows decreased from US$1.4 million to US$1.2 million, as the company focused on reducing expenditure and preserving available cash resources. The company reported an operating loss from continuing operations of US$1.6 million for the period, compared to US$1.3 million in the previous year.