Active Energy Group has entered into a sale and purchase agreement with Phoenix Investors LLC for its Lumberton, North Carolina site.
AEG is a London renewable energy company that has developed a technology that transforms waste biomass into renewable energy.
The sale is subject to a 75-day due diligence and closing period. The closing transaction is expected to be in June 2022.
Proceeds from the sale will go toward the development of AEG’s Ashland, Maine commercial production facility.
“AEG has a singular focus right now on accelerating commercial production to meet the increasing interest in and demand for CoalSwitch,” said Michael Rowan, CEO of Active Energy Group. “We are completing engineering and design activities and have initiated permitting for the Ashland Facility. Bringing that facility online offers us not only the chance to produce and sell CoalSwitch, but also to obtain the critical operational data that will further demonstrate the fuel’s benefits and accelerate the permitting process in other locations across the U.S.”
In February, testing of CoalSwitch demonstrated that fuel burns cleaner and produces fewer pollutants than coal.
“We appreciate the support we have received from the community and its leaders in Lumberton and Robeson County,” said Rowan. “We still believe there is significant opportunity for CoalSwitch in the region and look forward to future collaboration with the state.”
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