Active Energy, the London quoted international biomass based renewable energy business, is pleased to announce it has completed the sale and purchase agreement for the sale of its Lumberton site in North Carolina (the “Lumberton Site”), following the completion of due diligence by the purchaser and the negotiation of final terms.
The purchaser is Phoenix Lumberton Industrial Investors LLC, a company owned by Phoenix Investors LLC, a US-based commercial real estate firm, whose core business is the revitalisation of former manufacturing facilities throughout the United States.
The gross consideration for the Lumberton Site is $4.65 million, before the deduction of deferred maintenance fees and transaction expenses.
The sale of the Lumberton site was announced on 31 March 2021.
Principal terms of the transaction
· Sale of the Lumberton Site for $4.65 million (before deferred maintenance fees and transaction expenses) to Phoenix Lumberton Industrial Investors LLC.
· After the deduction of deferred maintenance fees for the Lumberton Site, Active Energy will receive $ 4.2 million.
· After deduction of transaction expenses, Active Energy will receive net cash proceeds of $3.92 million, receipt of which is due within the next 7 working days.
· Net book value of the Lumberton Site at 31 December 2021 was $4.29 million. The site was acquired by AEG in March 2019 for a consideration of $3.33 million.
Michael Rowan, CEO of Active Energy, said:
“We are pleased to report the completion of the sale of Lumberton and of the forthcoming receipt of funds. I would like to thank the team at Lumberton for all their hard efforts in recent months to ensure the successful completion of the sale at the Lumberton Site.”
Active Energy Group Plc
Michael Rowan (Chief Executive Officer)
Andrew Diamond ( Chief Financial Officer)
About Active Energy Group:
Active Energy Group plc is a London listed (AIM: AEG) renewable energy company focused on the production and development of next generation biomass products that have the potential to transform the traditional coal fired-power industry and existing renewable biomass industry.
The Company has developed a proprietary technology which transforms waste biomass material into high-value renewable fuels. Its patented product CoalSwitch® is a leading drop-in renewable fuel that can be co-fired with coal, completely replace coal as an alternative feedstock without requiring significant plant modifications or replace existing biomass feedstock resources. Active Energy’s immediate strategic focus is the production and commercialisation of CoalSwitch® and further CoalSwitch® fuel blends that utilise other waste wood and residual materials.
CoalSwitch® is a registered trademark belonging to Active Energy Group plc.
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