Active Energy boosted as production of its biomass fuel begins in Maine


9.07am: Leak detection firm in expansion moves

Water Intelligence PLC (LON:WATR), the leak detection specialist, has bubbled up 4.19% to 870p after announcing two deals which should boost its second half sales and profits.

The company has reacquired its American Leak Detection franchise in Reno, Nevada, for US$0.25mln and also bought Kentucky based PlumbRight Services for US$0.7mln.

On top of that it has appointed as former HomeServe US and Cemex executive John Spenard as “chief people officer” to “help manage the group’s accelerated growth plan.”

The firm said it expected strong growth from the Reno franchise with additional corporate working capital and the end of COVID-19 restrictions. It said: “During 2020 Reno has suffered from extreme economic disruptions produced during lock-down because of its significant casino presence.”

The acquisition of PlumbRight extends the plumbing services capabilities of its multimillion dollar Louisville, Kentucky location.

Executive chairman Dr. Patrick DeSouza said: “Today’s acquisitions will fuel growth. We are also adding an important set of skills to our management team as we execute our growth plan.”

8.30am: Energy group starts biomass fuel production from Maine facility

Shares in renewables firm Active Energy Group PLC (LON:AEG) have sparked into life.

The company said it had started production of its CoalSwitch product – a biomass fuel that can be mixed with or completely replace coal – at its US plant in Ashland, Maine ahead of schedule.

Deliveries from the 5 tonne an hour plant to the Hunter Valley power plant owned by electricity group PacifiCorp will start this week. The fuel will be used in a testing programme which was not originally due to start until 14 June.

will commence during this week for use in their testing programme which has been scheduled for the week commencing 14 June 2021. The CoalSwitchTM production by the Ashland Facility is part of the joint venture (the “JV”) between AEG and Player Design Inc, details of which were announced on 20 May 2021.

The Ashland facility, a joint venture with Player Design Inc, has been granted an initial permit to produce 1,000 tonnes of CoalSwitch by no later than 31 July 2021. Emissions data from the initial production will be supplied to the State of Maine for their analysis. The joint venture will then apply to the State of Maine to extend the terms of the permit to expand its production to up to 35,000 tonnes of CoalSwitch a year.

Active Energy chief executive Michael Rowan said: “This is part of AEG’s plan to have two operational CoalSwitch plants on the east coast of the US during 2021.. We will now proceed to deliver CoalSwitch to PacifiCorp on time and accelerate the CoalSwitch fuel testing programme.”

Active Energy’s shares are up13.33% at 0.79p.

Elsewhere Enwell Energy PLC (LON:ENW) has added 3.6% to 21.6p after a postive resources update from its Svystunivsko-Chervonolutskyi (SC) exploration licence in Ukraine .

Sergii Glazunov, Enwell’s chief executive officer, said : “Based on this independent assessment, a material volume of reserves and contingent resources has been estimated in our SC licence. With the confidence that this independent assessment provides, we have been progressing with our field development plan to recover the reserves and resources in the licence, and based on such work, we are optimistic about the future prospects for the development of the licence.”


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