TIDMAEG
RNS Number : 9764I
Active Energy Group PLC
29 November 2018
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
29 November 2018
Active Energy Group Plc ('Active Energy', 'AEG' or the
'Company')
Update on Agreement with Crown Province of Newfoundland and
Labrador
Active Energy, the London quoted international biomass based
renewable energy and forestry management business, notes the
announcement made today by the Ministry of Fisheries and Land
Resources of the Crown Province of Newfoundland and Labrador (the
'Province') regarding the revitalisation of the forestry sector on
the Great North Peninsula in association with Active Energy's
affiliate, Timberlands International Limited ('Timberlands') and
its operating company in the Province, Timberlands International
(Newfoundland and Labrador) Inc.
A full transcript of the announcement made by the Ministry of
Fisheries and Land Resources is included below and
can also be viewed at: https://www.releases.gov.nl.ca/releases/2018/ffa/1129n06.aspx
November 29, 2018
Provincial Government Committed to Revitalizing Forest Sector on
Great Northern Peninsula
The Honourable Gerry Byrne, Minister of Fisheries and Land
Resources, and the Honourable Christopher Mitchelmore, Minister of
Tourism, Culture, Industry and Innovation and MHA for St. Barbe -
L'Anse aux Meadows, provided details today on a new biofuel plant
that will help revitalize the forest industry on the Great Northern
Peninsula.
The Provincial Government has issued two five-year commercial
cutting permits to Timberlands International (Newfoundland and
Labrador) Inc., a subsidiary of Active Energy Group (AEG) Plc.,
totalling 100,000 m3 annually (500,000 m3 over five years) in
Forest Management Districts 17 and 18 on the Great Northern
Peninsula.
The permits will support operation of a $19.7 million-wood
pellet plant to be constructed in Hawke's Bay. All funding for the
proposed plant will be provided by AEG's external investors.
A condition of the cutting permits is that 25 per cent of the
harvest be made available to commercial sawmillers for first right
of refusal. Wood fibre requirements of 148,000 m3 would be provided
via the cutting permits and by purchase from existing forest
operators.
The proposed plant will produce 55,000-65,000 metric tonnes of
CoalSwitch wood pellets per year for export to Poland through the
local port. The company has an agreement with Cobant, a Polish
research, development and coal recovery/production company, to
provide wood pellets to supplement coal use in Poland's residential
heating market.
The project is expected to create at least 25 full-time
positions associated with plant operations, and 30-50 positions in
harvesting and trucking.
Support for this project delivers on commitments in The Way
Forward to strengthen the province's economic foundation. The Way
Forward outlines all actions the Provincial Government is taking to
achieve a strong, diversified province with a high standard of
living, and can be viewed at thewayforward.gov.nl.ca.
Quotes
"As part of the Way Forward, the Provincial Government has made
a commitment to increase timber allocations and harvest levels by
20 per cent by 2020, and to work with industry to build
partnerships and identify innovative ways to best utilize
Newfoundland and Labrador's forest resource. By issuing these
permits, we are on the path to revitalizing the Great Northern
Peninsula's rich and storied industry and the treasured resource
that sustains it to support a better future for Newfoundland and
Labrador."
Honourable Gerry Byrne
Minster of Fisheries and Land Resources
"This marks the beginning of exciting times for the Great
Northern Peninsula. As Timberland's plan unfolds, with it will come
jobs and investment that will benefit communities in our region and
the province. I look forward to a productive relationship with the
company and continuing to support and attract sustainable
investment that will provide the Great Northern Peninsula with
long-term benefits."
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation and MHA
for St. Barbe - L'Anse aux Meadows
"This agreement is a significant achievement for the Company and
for the Province of Newfoundland and Labrador, and will reap
rewards for all parties in the years to come. We look forward to
becoming part of the community on the Great Northern Peninsula and
working with stakeholders to provide positive economic
opportunities as we rebuild this important industry together."
Richard Spinks
Managing Director, Timberlands International Ltd.
Media contacts
Linda Skinner
Fisheries and Land Resources
709-637-2284, 637-8167
lindaskinner@gov.nl.ca
Erin Sulley
Government Members Office
709-729-5036
erinsulley@gov.nl.ca
Richard Spinks
Timberlands International Limited
+380 663343722
RGS@aegplc.com
Commenting on the announcement made by the Ministry of Fisheries
and Land Resources, Active Energy Chief Executive Officer, Michael
Rowan, said, "We are grateful to Minister Gerry Byrne and Minister
Christopher Mitchelmore and of course their staff who have worked
tirelessly and diligently to make this possible, and for the
support and trust placed in AEG to assist with the revitalisation
of the forestry sector on the Great North Peninsula through the
application of our forestry management programmes and proposed
development of our first CoalSwitch(TM) plant in the Province. We
look forward to working with the relevant authorities and
progressing discussions with potential investors in order to
develop a new, efficient generation biomass industry in the
provincial forestry sector."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries& Further Information:
Website LinkedIn
www.active-energy.com www.linkedin.com/company/activeenergy
www.aeg-plc.com
--------------------------------------
Enquiries
Active Energy Group Michael Rowan michael.rowan@aegplc.com
Plc Chief Executive Officer (Active
Energy)
--------------------------------- ----------------------------
Northland Capital David Hignell / Gerry Beaney Office: +44 (0)20
Partners Limited / Domile Andruskeviciute 3861 6625
Nominated Adviser
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Optiva Securities Graeme Dickson / Ed McDermott Office: +44 (0)20
Ltd Broker 3137 1902
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St Brides Partners Susie Geliher / Isabel de info@stbridespartners.co.uk
Financial PR Adviser Salis Office: +44 (0) 20
7236 1177
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About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources.
The Company is led by a highly technical and commercial team
with the experience to execute its defined growth strategy and
build its visibility, primarily as a London-listed timber
opportunity with a revolutionary biomass fuel technology.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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