Active Energy to sell Lumberton site in North Carolina to Phoenix Investors
Active Energy Group, a producer of biomass feedstock under the brand name CoalSwitch, has agreed to sell its Lumberton site in North Carolina to Phoenix Investors for $4.65 million.
Before completing the sale, Active Energy Group will move some of the CoalSwitch equipment from the Lumberton plant to the Ashland facility.
The company plans to use the proceeds from the sale for the development of the commercial production facility of Active Energy Group for CoalSwitch in Ashland, Maine.
Michael Rowan — CEO of Active Energy Group said: “AEG has a singular focus right now on accelerating commercial production to meet the increasing interest in and demand for CoalSwitch.
“We are completing engineering and design activities and have initiated permitting for the Ashland Facility. Bringing that facility online offers us not only the chance to produce and sell CoalSwitch, but also to obtain the critical operational data that will further demonstrate the fuel’s benefits and accelerate the permitting process in other locations across the U.S.”
The sale of the Lumberton facility is conditional on 75-day due diligence and closing period. The closing of the deal and receipt of proceeds from the sale are anticipated in June 2022.