Proactive Investors - Active Energy Group PLC (LON:AEGR) has finalised a settlement agreement with Player Design Inc, which sees the AIM-quoted firm receiving $1.65 million in cash.
The payment includes the return of funds previously allocated for the development of the Ashland Facility and the transfer of certain non-essential production equipment.
Active Energy will retain complete ownership of its original patents and intellectual property, securing the company’s position in the renewable energy sector.
Its patented product, CoalSwitch, is described as a groundbreaking renewable fuel that has the potential to transform coal-fired power and heavy industries with its unique properties.
"An agreement with PDI regarding the former production activities at Ashland has been achieved,” Active Energy chief executive Michael Rowan said in a statement.
“The company can now develop an alternative strategy for the future production of CoalSwitch utilizing the knowledge gained from the operations at Ashland and the commercial scale burn tests we have completed."
Active Energy now intends to leverage its production capabilities and intellectual property to expand its market presence.
The company said it has been working with Omega Thermal Solutions Group to innovate and develop new manufacturing processes for CoalSwitch fuel, and, the partnership aims to create variants of the fuel with improved performance metrics, and open new market opportunities.