Active Energy Group PLC Update Regarding CoalSwitch Initiative (3455R)
08 December 2016 - 11:00PM
UK Regulatory
TIDMAEG
RNS Number : 3455R
Active Energy Group PLC
08 December 2016
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
8 December 2016
Active Energy Group plc ("Active Energy", "AEG" or the
"Company")
Update Regarding CoalSwitch Initiative with Métis Settlements of
Alberta
The board of Active Energy, the London quoted international
renewable energy, forestry management and timber processing
business, has been informed that the Alberta government has written
to the Métis Settlements of Peavine, Paddle Prairie and East
Prairie and that these Settlement partners have received such
communication, confirming that the approach taken by the previous
Progressive Conservative Association of Alberta Government has
changed significantly.
The board believes the Government's engagement with the Métis
Settlements represents progress following a period of significant
and positive political changes in Alberta since the election of the
New Democrat Party ("NDP") Government in May 2015.
This is welcome news and the board considers that the
CoalSwitch, coal reduction initiative being developed by the Metis
Settlements of Paddle Prairie, Peavine and East Prairie, in
collaboration with Active Energy Group Plc will now progress as
initially planned, with no further Government actions regarding
possible breaches of the Metis Settlements Act by AEG's three Metis
partners.
Furthermore, it seems there is willingness on the part of the
NDP Government of Rachel Notley, in Alberta, to support economic
development for the benefit of Indigenous People in the province
and coal reduction in power generation.
AEG believes that developing CoalSwitch production, using waste
and low quality forestry residues, sawmill waste and hog fuel to
replace significant volumes of coal currently burned to generate
electricity, in Alberta, Canada and internationally can benefit the
Company's commercial partners, customers and all Albertans.
Further announcements will be made in due course.
Richard Spinks, Chief Executive Officer of Active Energy said:
"I believe that this is a clear signal of intent to progress this
landmark environmental initiative and demonstrates the spirit of
co-operation between the Government of Alberta and the Métis
peoples in Alberta in seeking ways to improve the environmental
credentials of the Province. Our goal is to unlock the strategic
value of Alberta's under-valued and under-utilised forestry assets,
whilst supporting the Province in its transition away from coal as
a fuel in power generation, through Active Energy's
commercialisation initiative. The current Alberta Government has
demonstrated a commitment to cutting carbon emissions, together
with a responsible attitude to support economic development within
indigenous settlements. I know that we all look forward to making
meaningful progress towards the commercialisation of the CoalSwitch
technology in Alberta and to creating meaningful environmental and
economic benefits for all of the Indigenous peoples in Canada".
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries & Further Information
Website LinkedIn Twitter
---------------------- -------------------------------------- -----------------------
www.active-energy.com www.linkedin.com/company/activeenergy www.twitter.com/aegplc
(@aegplc)
---------------------- -------------------------------------- -----------------------
Enquiries
---------------------------------------------------------------------------
Active Energy Richard Spinks richard.spinks@aegplc.com
Group Plc Chief Executive Int: +380 503
Officer 942 702
------------------- ----------------------- -----------------------------
Brian Evans-Jones brian.evans-jones@aegplc.com
Chief Financial UK: +44 (0)7500
Officer 861 696
Ukraine: +380
955 227 745
------------------- ----------------------- -----------------------------
Northland Capital Patrick Claridge/David Office: +44 (0)20
Partners Limited Hignell/Gerry Beaney 3861 6625
Nominated Adviser (Corporate Finance)
& Broker
John Howes/Rob Rees
(Sales and Broking)
------------------- ----------------------- -----------------------------
St Brides Partners Susie Geliher/Megan info@stbridespartners.co.uk
Financial PR Dennison/ Elisabeth Office: +44 (0)
Adviser Cowell 20 7236 1177
------------------- ----------------------- -----------------------------
About Active Energy Group
Active Energy Group Plc ("Active Energy" or "AEG") is an AIM
quoted company operating internationally across the entire timber
supply chain - from forest to factory and fuel.
Active Energy's vertically-integrated business units provide
timberland development services for forestry owners, industrial
wood fibre for MDF manufacturers, and second-generation biomass
coal replacement fuels for industrial power generators.
Active Energy has three divisions:
-- AEG TimberLands: Forestry Asset Management and Development
-- AEG WoodFibre: Industrial Wood Fibre for Medium-Density Fibreboard (MDF) Manufacturing
-- AEG CoalSwitch: Advanced Biomass Coal Replacement Fuels and Fuel Processing Systems
Active Energy's relationships with forestry owners through its
AEG TimberLands operation allows the Company to maximise the value
of its standing timber assets, converting low-grade material -
primarily non-saw logs/technical lumber and forestry thinnings -
into industrial wood fibre for MDF manufacturing via Active
Energy's AEG WoodFibre division. This vertically integrated model
also provides feedstock for the Company's AEG CoalSwitch joint
venture, which generates green energy power generation from
biomass.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKMMGZMRDGVZM
(END) Dow Jones Newswires
December 08, 2016 07:00 ET (12:00 GMT)
Active Energy (LSE:AEG)
Historical Stock Chart
From Apr 2024 to May 2024
Active Energy (LSE:AEG)
Historical Stock Chart
From May 2023 to May 2024