19th Sep 2014 09:59
LONDON (Alliance News) - Aggregated Micro Power Holdings PLC Friday said it has reached financial close on two biomass boiler projects at the Champneys health spa, which it expects to sell to Aggregated Micro Power Infrastructure Ltd for about GBP550,000 by the end of 2014, following the sale of AMP Heat and its portfolio of five biomass boiler projects to the same company for GBP508,458 in May.
Aggregated Micro Power Infrastructure will own and operate biomass boilers developed by Aggregated Micro Power Holdings, enabling the seller to optimise its cash position and generate development fees through the sale of assets.
In addition, the company said its proposed development sites for two 1.5 megawatt gasification plants are progressing well and that it has options to lease and is in planning on both sites.
The company said it has continued to work at Low Plains to improve the operational and wood drying capacity of its existing 1 MW plant in Cumbria.
"We have completed an upgrade of the fly ash removal system on schedule and, as I write, are in the ramp-up phase of commissioning. We can currently operate the plant in a stable state in excess of 65% capacity and are continuing to enhance operations. We are also on track to increase the plant's wood-drying capacity by the middle of October," Chairman Neil Eckert said in a statement.
Renewable energy developer Aggregated Micro Power, which is focused on biomass energy generation, was admitted to London's AIM market in July, raising GBP9.5 million from investors in order to finance the development of its pipeline of renewable energy projects.
Aggregated Micro Power said its pretax loss widened to GBP1.8 million in the six months ended June 30, compared with GBP1.0 million in the corresponding period last year. Revenue rose to GBP146,036 from GBP92,624, while administrative expenses rose to GBP1.9 million from GBP1.0 million.
"In the reporting period under review we have been able to streamline and structure into two principle business units geared up for growth and focused on turning wood into electricity and heat," Chief Executive Richard Burrell said in a statement.
"In the lead up to the initial public offering, we obtained commitments on a number of projects to install high specification, environmentally friendly biomass boilers and are focused on building our pipeline of installations. In addition, we have committed funds to the expansion of the Low Plains facility in Cumbria, and we are now in planning on two further sites which we intend to develop next year," Burrell said.
Aggregated Micro Power shares were Friday quoted flat at 108.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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