Active Energy Group PLC MOU signed with Young Living Farms (8616Q)
11 June 2018 - 4:00PM
UK Regulatory
TIDMAEG
RNS Number : 8616Q
Active Energy Group PLC
11 June 2018
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
11 June 2018
Active Energy Group Plc ('Active Energy', the 'Company' or the
'Group')
MOU with Young Living Farms for roll out of PeatSwitch(TM)
Technology
Active Energy, the London quoted international biomass based
renewable energy and forestry management business, announces that
it has signed a Memorandum of Understanding ('MOU') with Young
Living Farms ('YLF') relating to the proposed sale and construction
of its first advanced organic soil plant utilising the Company's
proprietary PeatSwitch technology to create organic,
environmentally friendly peat replacements for use on their first
farming location in Mona, Utah. Upon completion of this facility,
YLF will consider the feasibility of installing additional plants
at other YLF facilities further afield.
Overview
-- Proposed sale of an advanced organic soil manufacturing
facility (the 'Facility') to YLF, utilising the Company's
proprietary PeatSwitch technology, for a total cash payment of
US$3.4 million;
-- A third Party EPC contractor is now in place to manage the
Facility for both parties locally in Utah, with engineering work to
commence immediately;
-- Both Active Energy and YLF currently expect the Facility to
be operational before the end of 2018;
-- Waste by-product from YLF's essential oil production to be
used as feedstock for the Facility;
-- Waste water, currently an issue for YLF at their plants
becomes a valuable commodity through the PeatSwitch process;
and
-- Product from the PeatSwitch process will be used as a high
value soil amendment product for the re-introduction to YLF's crop
production cycle.
Michael Rowan, Active Energy Executive Chairman said, "Today's
MOU is testament to the revolutionary benefits that we believe our
proprietary PeatSwitch process can have for agricultural businesses
with the PeatSwitch product. Following the purchase order signed
with YLF in February 2018, and initial deliveries of our PeatSwitch
engineered soils product in March, the YLF team have been witness
to the role which PeatSwitch can play in removing environmentally
damaging waste streams and converting them into an environmentally
responsible alternative to peat or compost.
"The purchase of this first PeatSwitch Facility will deliver
revenues to the Group without impacting our ability to satisfy our
other CoalSwitch(TM) and PeatSwitch product rollouts, with other
customers and partners as we look to expand our CoalSwitch(TM) and
PeatSwitch offerings. Both Active Energy and YLF are committed to
finalising the formal agreements regarding the construction and
sale of the Facility as soon as practicable and I look forward to
providing our shareholders with further updates."
Mark Harris, YLF VP of Global Farms said, "We are delighted to
further our partnership with Active Energy through the proposed
purchase of the Biomass Benficiation facility, utilising its
process for PeatSwitch. We are proud to be making an important
stand in utilising Biomass from our distillation process and
recycle it in a way that embodies our Seed to Seal standard."
Further Information
The MOU is subject to formal contracts being finalised between
Active Energy and YLF. Under the terms of the MOU, it is proposed
that Active Energy will sell an advanced, organic, enhanced soil,
able to replace peat or compost with an advanced manufacturing
facility that utilises its proprietry PeatSwitch technology, to
YLF, which owns and operates a lavender farm and essential oil
distillery located near Mona, Utah, for a total consideration
US$3.4 million. The payment is to be made in four instalments
co-ordinated with contractual milestones, beginning with an initial
deposit payment upon the signing of the MOU for immediate
engineering services.
Notably, it is anticipated that feedstock for the Facility will
be an, up to now, waste by-product from YLF's essential oil
production on the same site as the plant will be located , turning
this erstwhile waste material into a highly attractive feedstock
from the PeatSwitch technology and related process.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries& Further Information:
Website LinkedIn
------------------------ --------------------------------------
www.active-energy.co.uk www.linkedin.com/company/activeenergy
------------------------ --------------------------------------
Enquiries
----------------------------------------------------------------------------
Active Energy Michael Rowan michael.rowan@aegplc.com
Group Plc Executive Chairman
------------------- ------------------------- ----------------------------
Richard Spinks richard.spinks@aegplc.com
Chief Executive Officer
------------------- ------------------------- ----------------------------
Northland Capital David Hignell/Gerry Office: +44 (0)20
Partners Limited Beaney 3861 6625
Nominated Adviser
------------------- ------------------------- ----------------------------
Optiva Securities Graeme Dickson/Ed Office: +44 (0)20
Ltd Broker McDermott 3137 1902
------------------- ------------------------- ----------------------------
St Brides Partners Susie Geliher / Isabel info@stbridespartners.co.uk
Financial PR de Salis Office: +44 (0)
Adviser 20 7236 1177
------------------- ------------------------- ----------------------------
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources. The
Company is led by a highly technical and commercial team with the
experience to execute its defined growth strategy and build its
visibility, primarily as a London-listed timber opportunity with a
revolutionary biomass fuel technology.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSFWFASFASEIM
(END) Dow Jones Newswires
June 11, 2018 02:00 ET (06:00 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