Active Energy has had to drop plans to build its flagship project owing to an absence of funding. The company said that the board had decided that it could not raise "sufficient working capital" to get Coalswitch, a proprietary pellet made of coal and wood, off the ground and into production. The statement to the London Stock Exchange added that the board has decided to speed up the process to try and spin off the Coalswitch assets. Shares cratered to close down 36 per cent following the update.

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