Active Energy has raised £1 million ($1.3 million) from new and existing investors to fund development of its forestry management operations and commercialization of its revolutionary biomass drop in coal replacement fuel, CoalSwitch™, and related products including PeatSwitch and the company's coal blended SuperFuel.
Phil Scalzo, Chief Technical Officer, leading a tour of the Utah plant (Active Energy)
Over the past several months, the company successfully tested its first CoalSwitch™ plant in Utah and signed an agreement with Young Living Farms for the sale and construction of the first advanced organic soil plant utilizing the company's PeatSwitch technology to create organic, environmentally friendly peat replacements.
The company has stated it will now focus on executing commercial opportunities in Canada, the US and Europe and the management team is being reorganized to deliver on this strategy.
The forestry division will focus on re-invigorating forestry businesses through the implementation of modern forestry practices and the construction of CoalSwitch™ plants the company hopes will significantly increase the economics of timber businesses.
Active Energy Executive Chairman Michael Rowan, said, "We were delighted with the positive response to the Placing as existing shareholders and stakeholders recognize the importance to Active Energy of the forestry business in Canada and the significant commercial potential of CoalSwitch™ and its derivative products. We remain highly positive about the future of our product portfolio and the transformational effect which the Group believes this will have on the market for biomass power generation.”