Active Energy reports positive half-year results, despite COVID-19
Highlights included continued operations at its Lumberton, North Carolina facility during the COVID-19 crisis; lumber operations increasing ‘substantially’ following the acquisition of the joint venture interest in Renewable Energy Systems in March; and revenues of $499,893 (€427,540) for H1 2020 – up from $99,830 (€85,380) in H1 2019 - reflecting the increasing lumber operational activity.
Michael Rowan, CEO of Active Energy, said: “The period under review has seen AEG build the platform to deliver on its two key strategic objectives – becoming a producer of next-generation biomass fuels and establish a complimentary, profitable lumber operation at the Lumberton site.
“The board is pleased with the progress AEG has made in recent months, particularly against the backdrop of COVID-19 in ramping up production at Lumberton and, while the pandemic has resulted in delays to the development of the CoalSwitch™ reference plant, we are confident the commencement of commercial operations can be achieved in the short term.
“I look forward to updating all stakeholders on the timeline and delivery of the plant as our business focuses on the biomass-to-energy market.”
In its outlook, Active Energy said it has significantly improved its operating and financial position, despite the ‘challenging environment’. Its goal was to generate increasing revenues from the wood processing and saw log export businesses, and this is now being realised.
The company is currently shipping saw log export through ports near Lumberton, the Port of Wilmington, in North Carolina, and Intermodal Container Port of Dillon, South Carolina. Its customers are mainly from South East Asia and the firm is actively working with several new customers for saw log export and other lumber products.
In August, Active Energy was granted the permit by the NC Division of Air Quality for its CoalSwitch reference plant at Lumberton. Despite delays due to COVID-19, the firm said it remains grateful to the Division of Air Quality and its partners at Robeson County for their support during the pandemic.
Active Energy has continued to develop its intellectual property rights portfolio and related black pellet technology production processes. Earlier in September, the firm was issued with a further Notice of Allowance from the US Patent and Trademark Office regarding its CoalSwitch technology. The company has pending patents for this technology in Europe, Canada, Malaysia, Thailand, and Switzerland.
In November 2019, Active Energy granted the first CoalSwitch license to RDME for its projects in Alberta and British Columbia, Canada. In 2020, the firms have worked together to commercialise the opportunity in Alberta. In the last nine months, RDME has made ‘significant progress’ in regards to the plant and engineering for a 50 tons per hour facility in Alberta and in obtaining the requisite financial support from partners. There are additional projects in the pipeline between RDME and Active Energy.