Active Energy Group shares saw a rise of 5.4% to 0.1p in late afternoon trading on Friday, after the firm announced a narrowed loss of $5.8 million compared to $8.7 million over FY 2021.
Active Energy Group reported a revenue decrease to $644,914 against $1.5 million the previous year, along with a basic and diluted loss per share of 0.1c from 0.6c the last year.
The biomass firm reported a slate of operational highlights, including a completed independent burn testing on CoalSwitch, which apparently confirmed its superior performance to alternative biomass fuels, alongside the commencement of negotiations to sell CoalSwitch to consumers in the US, Japan and across the international market.
The energy company further mentioned the finalised construction of its first reference plant at the Ashland facility, which is set to start production of commercial volumes of CoalSwitch.
Active Energy commented that it had a positive outlook for CoalSwitch, and that it is set to deliver on the increasing global market demand for biomass.
The group also reiterated its continued discussions with a selection of interested commercial partners for the sale of CoalSwitch.
“2021 was an important year for AEG,” said Active Energy Group CEO Michael Rowan.
“Prospective customer tests and independent tests are proving the superior qualities of CoalSwitch to alternate biomass pellets currently available. Prospective customers have indicated that they would like CoalSwitch to be delivered as soon as possible and the current market conditions are emphasising this demand.”
“AEG is solely focused on attaining industrial scale production from Ashland at the earliest opportunity. The last 6 months has seen finalization of elements required to produce CoalSwitch, namely design, engineering and permit approvals and we now look forward to completion of the plant.”