4th Mar 2019 13:22
LONDON (Alliance News) - Active Energy Group PLC on Monday said it has entered into agreement with Alamac Holdings LLC to acquire an industrial site in Lumberton, North Carolina.
The renewable energy company said the acquired site will become the new base for its CoalSwitch operations in the US and house the first permanent production facility for CoalSwitch.
The site, which includes up to 415,000 square feet of covered factory space and 151 acres of surrounding land, was purchased for USD3.3 million, Active Energy said.
To partly fund the transaction, Active Energy said it has completed a fund raising of USD3.4 million through the subscription of convertible loan notes by new and existing institutional investors.
"We continue to make progress on delivering our first commercial CoalSwitch product to market, which is now our main focus," said Active Energy Chief Executive Michael Rowan.
"The acquisition of the Lumberton site is part of this strategy and I believe the fundraise is an endorsement of our drive to prioritise near term revenue generative opportunities," added Rowan.
Active Energy shares were trading 6.1% higher on Monday at 0.66 pence each.
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