Proactive Investors - Active Energy Group PLC (LON:AEGR) shares jumped 15% higher after the firm revealed that Player Design Inc (PDI) has obtained the necessary permit for the construction and operation of a CoalSwitch manufacturing facility in the US.
The permit, granted by the Department of Environmental Protection in the State of Maine, allows PDI to proceed with the final stage of construction and commence manufacturing operations at the CoalSwitch Plant at Ashland.
PDI has confirmed that the CoalSwitch Plant is expected to be completed in Q3 2023, with the first production of CoalSwitch pellets available for delivery during the same quarter. Initial production volumes are targeted at 35,000 tons per annum, which will be made available to Active Energy's customers in the US and Europe.
In a statement, Tyler Player, president of PDI, expressed gratitude for the support received from the State of Maine and commented: "I look forward to making the first deliveries of fuel to Active Energy in the coming months."
Michael Rowan, CEO of Active Energy, added: "We are delighted that PDI has received the permit which will allow them to commence production of our next-generation biomass fuel, CoalSwitch."
Active Energy is also actively working on additional joint venture production licences in the US to further accelerate production volumes. The company said it has received increasing inquiries for the CoalSwitch technology and plans to send products to potential customers immediately after the first production.
Around 9.15am, Active Energy shares in London were 15.7% higher at 5.15p.