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Active Energy Group

  • BY: Andrew Hore |
  • POSTED: 21/11/2011 |

Energy efficiency technology business Active Energy Group is widening the scope of its operations by acquiring Bioenerho-Leader, which supplies biomass feedstock to power generation plants, for 3m in shares.

Bioenerho was set up last month to carry out forestry in Ukraine and supply wood chips to industrial power facilities in Poland. Bioenerho has a 10-year contract with Lyuboml Forestry for the supply of up to 100,000 tonnes of timber a year at a fixed rate per tonne. Volyninvestbud will be contracted to use the timber to produce up to 80,000 tonnes of wood fuel chips also at a fixed price per tonne. Polis distributor Medium Sp will supply the wood chips to power facilities.

Kiev-based Bioenerho is about to start trading and will soon receive the first orders for wood chips.  It will be able to exploit proposed new biomass plant openings in the region.

Active Energy believes that it will be able to use its new base to sell its energy efficiency and consultancy services into the surrounding countries. The core business sells voltage optimisation equipment and Red Line ( supplies power distribution and cable management services, along with power surveys and testing.

Active Energy is issuing 40m shares at 7.5p each for Bioenerho, which will leave its seller Eastwood SA with 16.9% of the enlarged share capital. That share price is more than twic the current share price of 3.62p, which currently values Active Energy at 7.13m.

Active Energy raised 1.8m at 2.75p a share earlier this year.

Executive chairman Gavin Little is receiving his 50,000 a year salary, excluding tax, in shares. Former BAT executive Little, who already owns 6m shares, was brought in because of his international experience.

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