U.K.’s renewable energy firm Active Energy has raised $4.29 million (£3.44 million) to build a new plant in Lumberton, North Carolina.
The company, which raised the money through the subscription of Series B convertible loan notes by both existing as well as new European and Asian institutional investors, plans to build a 5 ton per hour CoalSwitch plant at the company’s 151 acres industrial site in Lumberton.
In addition, the funds will support the planning and engineering work streams that are required for a further 50 tph plant and support additional complementary activities including saw logging which will open up additional revenue streams for the company.
Lumberton is being developed to be Active Energy’s first permanent production facility for CoalSwitch, the company’s technology that transforms low-cost biomass material into high-value green fuels, and to serve as the primary base for all its biomass fuel operations in the U.S.
The first 5 tph plant, which has been shipped from the company’s original Utah site, is targeted to become operational in the fourth quarter of 2019.
The Lumberton Site includes all requisite ancillary facilities for the production of CoalSwitch, including all relevant power supplies, water treatment facilities, an analysis lab and offices.