LONDON (ShareCast) - (ShareCast News) - Active Energy has entered into a joint venture agreement with Utah-based Biomass Energy Enhancements to exclusively commercialise a new clean energy biomass fuel manufacturing process.
Active Energy said the joint venture company, AEG CoalSwitch Limited, in which it has been granted a majority 51% equity stake, will be incorporated in the UK and will hold the global intellectual property rights for the fuel manufacturing process, for which 16 'greenfield' technology patent applications have already been filed.

In return, AEG will assist in the commercialisation of AEG CoalSwitch and will contribute to its working capital funding prior to the company raising capital.

Chief executive officer Richard Spinks said: "AEG CoalSwitch is aiming to have a market-ready product - a system capable of producing high volumes of clean energy 'coal switch' Biomass fuel - by mid-2016.

"We have a great deal to do, but I'm confident that combining BEE's outstanding technology and expertise with Munro's world-leading engineering capabilities and AEG's international network and industry experience will herald the start of a new dawn in sustainable Biomass-fuelled power generation."

Active Energy is an AIM-listed supplier of wood fibre products for MDF manufacturing.

At 1150 BST, Active Energy shares were up 12.2% at 6.17p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE