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Active Energy shares jump as superfuel scores Polish government approval
Active Energy Group saw its shares jump on Wednesday after its joint venture company received market certification and environmental clearance by the Polish government for its 'SuperFuel' product.
AIM-traded alternative energy firm Active Energy said government tests had demonstrated that the 'green coal' fuel complied with anti-smog legislation and could thus be used in Polish/EU coal plants due to its high calorific value, low sulphur content, low ash content, and low SOx and NOx emissions.
Richard Spinks, chief executive of Active Energy, said: "This certification program, although expected to reach approval at the time of incorporating the Joint Venture, progressed much faster than anticipated and subsequently, now that we have received all necessary certification and commercial trade marks for the commercialisation of this new 'Super Fuel', we hope to generate cash flow more quickly in Poland than originally anticipated."
Now that certification has been achieved, joint venture company AEG CEE Sp. z O.O. will move on to production and revenue generation.
AEG CEE is also understood to be in the final stages of negotiations with potential customers in the Slask Region of Poland and was confident of a strong economic and environmental outcome.
The joint venture was formed in March between Active Energy and Cobant Sp. z o.o., with a view to combining Active Energy's CoalSwitch technology and Cobant's access to environmentally beneficial reclaimed waste coal slurry.
Jakub Szałatkiewicz, assistant professor at Cobant, said: "We anticipate that our Super Fuel will play a major role in the fight to meet Polish emissions targets and clean air requirements and we look forward to rapidly advancing to commercialisation over the coming months."
As of 0922 BST, Active Energy Group's shares were up 11.94% at 3.75p.