Renewable energy company, Active Energy Group (LON: AEG) received its first order for CoalSwitch the company said on Tuesday, sending its share price hurtling higher.
Active’s share price climbed as high as 0.637p. It is currently priced at 0.584p, up 49.74% on the day.
The order for CoalSwitch, a second-generation biomass fuel which the company hopes will replace the traditional coal fired-power industry, was made by PacifiCorp, the largest grid operator in the western United States.
PacifiCorp serves the energy demand of 1.9 million customers, with Active’s CoalSwitch supplying up to 900 tonnes of biomass feedstock from its Lumberton site for delivery by no later than 14th June 2021.
Active’s CoalSwitch will be burnt at PacifiCorp's Hunter Power Plant in Utah as part of the coal/biomass co-firing demonstration being conducted by PacifiCorp.
“We are delighted to have received our first order of CoalSwitch from PacifiCorp. This is a seminal moment for AEG as we deliver our first commercial product to a major US-based customer. We are on track with our business plan and we are working at great pace to commission the Plant and fulfil the interest for the Coalswitch product,” commented Active Energy’s CEO, Michael Rowan.
The company also said it is in discussions with several other utility and power customers in the US to test Coalswitch.