(Alliance News) - Active Energy Group PLC on Monday said its CoalSwitch manufacturing facility in Ashland, Maine, will not be completed by the end of the third quarter of 2023.
Active Energy is a London-headquartered biomass-focused renewable energy company. Its shares were trading 10% lower at 4.99 pence each in London on Monday morning.
Active Energy said operations at the facility are now expected to begin in November, as well as the production of the biomass fuel, CoalSwitch.
The hold up is due to a delay in the receipt of "key components and associated equipment", Active Energy said.
This comes after Active Energy's partner Player Design Inc was granted a permit in May to construct and operate the CoalSwitch facility in Ashland.
Chief Executive Officer Michael Rowan said: The delay in completion of the Ashland Facility is obviously disappointing news for the CoalSwitch program. Nonetheless, despite the production delay, we continue to be actively engaged with an increasing number of potential customers for CoalSwitch and the current level of engagement confirms the future commercial opportunities for the fuel."
Active is set to announce its half-year results for the six months ended June 30 later this month.
By Sabrina Penty, Alliance News reporter
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