2nd Feb 2021 11:35
Active Energy Group PLC - London-headquartered biomass-based renewable energy business - Raises GBP7 million through oversubscribed placing and PrimaryBid offer of 700.0 million shares at a price of 1.0 pence each.
Proceeds will go towards finalising the installations and commissioning of the up to 5 tonnes per hour CoalSwitch reference plant as well as accelerating development of the up to 50tph CoalSwitch production plant.
The money will also go towards general working capital and enhancing existing infrastructure and operations at Lumberton, as well as payment of the convertible loan notes as well as other note restructuring costs.
"The principal focus is to develop the unique Lumberton opportunity and establish a significant production facility at the Site in North Carolina. In the long term, the company aims to build a business that is a global provider in next generation biomass solutions and services. We look forward to providing all stakeholders with regular updates within the coming weeks as we progress towards commercialising and producing AEG's next generation biomass products," said Chief Executive Officer Michael Rowan.
Current stock price: 1.05 pence
Year-to-date change: down 25%
By Dayo Laniyan; [email protected]
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