Active Energy Group (AEG) announced that its affiliate company, Advanced Biomass Solutions Plc (ABS), had entered into an agreement with California based Lumino Capital LLC for the financing, development and operation of eight CoalSwitch™ Plants across South East Asia.
Brian Evans-Jones, Active Energy and ABS Director, commented:
“We believe this is a transformational agreement for both Active Energy and ABS. Lumino is a fantastic partner with immense experience
within the renewable energy sector. Together, we intend to create a vertically integrated model encompassing the key components needed for the successful commercial roll-out of CoalSwitch™. Lumino will utilise its network of finance providers, as well as source both woody biomass and longterm offtake agreements, whilst ABS will supply the technology and plant construction. The Agreement underpins the product’s immense potential as a biomass fuel of the future and we look forward to building a partnership that will dramatically increase the global reach of CoalSwitch™.”
Earlier Active Energy Group agreed a timber licence in Canada.
About Active Energy:
The company is London Stock Exchange AIM-listed international supplier of industrial wood chip and timber, Biomass for Energy (BFE) fuel products, and forestry asset development services. It has several operational set-ups in different segments: in Ukraine, Canada, the U.K and the U.S. It is the largest producer and exporter of processed wood products (in the form of wood chip) in Ukraine. In 2014 it reported revenues of USD 17.395 million.