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AEG draws down $2m for plant construction

28 December 2016 13:03

Active Energy has drawn down an initial $2 million under the $6m five-year unsecured loan facility, provided by Linarus FZE, a private Dubai-based investment company, to fund the construction of the first 35,000 tonne per annum commercial reference plant in North America.

This is in line with the company's strategy to commercialise its revolutionary CoalSwitch technology, which utilises low value wood, timber, forestry and pulp mill/saw mill by-products to produce the world's first 'drop-in' biomass fuel that can be mixed at any ratio with coal or completely replace coal in existing unmodified coal powered fire stations globally.

The board expects that the development of the Plant will open up a significant revenue stream with rapid payback credentials for AEG CoalSwitch once completed later in 2017.

At 1:03pm: (LON:AEG) Active Energy Group share price was +0.05p at 3.1p

Story provided by StockMarketWire.com

Related Company: AEG

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