THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014
WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("UK MAR").
5 March 2024
Active Energy Group
Plc
("Active Energy" or
the "Company")
Settlement agreement with Player Design Inc.
Active Energy (AIM: AEG, OTCQB: ATGVF), the
international biomass based renewable energy business, announces
that, further to its announcement on the 22 February 2024, the
Company and its subsidiary Advanced Biomass Solutions Limited have,
on 4 March 2024, entered into a settlement agreement (the
"Settlement Agreement")
with Player Holdings LLC together with its subsidiaries MaineFlame
Inc, Player Design Inc and Tyler Player (together, the "
PDI Parties" or
"PDI") in regard to former
activities for the potential production of
CoalSwitchÒ at
PDI's facility as Ashland, Maine ( the "Ashland Facility") .
The PDI Parties have agreed to pay
Active Energy a cash payment of $1,650,000 by no later than 5th
March 2024, in consideration for, inter alia:
·
The
return of cash proceeds formerly committed by Active Energy toward
the development of the Ashland Facility.
· Active Energy
transferring the ownership of certain production equipment, not
essential to future CoalSwitch® production, currently located at
the Ashland Facility and elsewhere in Maine to the PDI Parties (the
"Transferred Assets"). The
book value of the Transferred Assets as at 30 June 2023 was $2.5
million.
·
PDI will retain the ownership of its intellectual
property created and developed in respect of specific know-how for
its production methods at the Ashland Facility, and PDI will retain
rights to own, develop, license, and use this specific know-how.
These rights do not infringe upon Active Energy's current IP and
PDI is not permitted to use any of Active Energy's existing
CoalSwitch® trademarks nor use any of Active Energy's existing
proprietary intellectual property in the US, Canada or
worldwide.
Active Energy retains complete
ownership of all its original patents on the steam explosion
process, including all production knowledge acquired from the
former production activities at the Ashland Facility applicable for
its future production methods for biomass products. In addition,
both Active Energy and the PDI Parties have terminated all current
legal claims against each other.
Future CoalSwitch®
production
Since September 2023, Active Energy
has focused on improvements to both CoalSwitch® fuel and the
production processes utilizing the new executive management team
based in the US. At the Interim Results, the Company announced a
working partnership with Omega Thermal Solutions Group LLC, based
in the US, to develop a new manufacturing process and create
variants of CoalSwitch® fuel focusing on a torrefaction production
process. The improved fuel performance metrics, such as higher
fixed carbon content allows these biocarbon fuels to participate in
the growth markets such as soil amendments, air filtration, ferro
silicon and the metallurgical steel industries. This product
development is opening new revenue opportunities for
CoalSwitch®.
Michael Rowan, CEO of Active Energy,
commented: "An agreement with PDI regarding the former
production activities at Ashland has been achieved. The Company can
now develop an alternative strategy for the future production of
CoalSwitch® utilizing the knowledge gained from the operations at
Ashland and the commercial scale burn tests we have
completed."
Enquiries:
Active Energy Group Plc
|
Michael Rowan (Chief
Executive Officer)
Michelle Fagan (Chief
Financial Officer)
|
info@aegplc.com
|
Allenby Capital Limited
Nominated Adviser and Broker
|
Nick
Naylor/James Reeve/Daniel
Dearden-Williams (Corporate
Finance)
Amrit Nahal (Sales/Corporate Broking)
|
Office: +44 (0)20 3328
5656
|
Camarco
Financial PR Adviser
|
Tom
Huddart / Emily Hall / Lily Pettifar
|
aeg@camarco.co.uk
Office: +44 (0)20 3757
4980
|
Scoville PR
US
PR Adviser
|
John
Williams
|
jwilliams@scovillepr.com
|
About Active Energy Group
Headquartered in London with
operations in the United States, Active Energy Group plc (AIM: AEG,
OTCQB:ATGVF) is a biomass-based renewable energy company focused on
the production and development of next generation biomass products
that have the potential to transform coal fired power and heavy
industries and the existing renewable biomass industry.
Active Energy has developed a
proprietary technology which transforms waste biomass material into
high-value renewable fuels. Its patented product CoalSwitch® is a
leading drop-in biomass renewable fuel that can be blended and
co-fired with coal at any ratio without requiring significant plant
modification or wholly replacing existing biomass fuels.