Active Energy acquires Bioenerho

Voltage optimisation equipment firm Active Energy has acquired Bioenerho-Leader for an initial consideration of 40,000,000 new ordinary shares, priced at 7.5p each.

Bioenerho was established in October to provide biomass energy resources to industrial power facilities in Poland to reduce carbon emissions and assist the power facilities in complying with certain regulatory requirements governing the use of fossil fuels.

Chairman Gavin Little said: "We are very excited by this latest acquisition which is in line with our strategic plan and complements the activities of the Redline Engineering business and the repositioning of the company in the eco/energy management sector.

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"I expect the acquisition will form a strong platform for the company in this fast-growing energy market. There are a number of Biomass Electricity Generation facilities in neighbouring countries, notably Poland, which are anticipated to come in to operation in the next twelve months which we would hope to generate orders from."

The company said it also hopes to secure additional contracts once orders are received from the initial supply contract.

The initial consideration for Bioenerho will be satisfied by the issue of the Consideration Shares. The Consideration Shares have been issued at a price of 7.5 pence per share.

The share price rose 20.83% to 3.62p by 09:21.

NR