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Active Energy signs MOU with Young Living Farms
Active Energy, the London quoted international biomass based renewable energy and forestry management business, announces that it has signed a Memorandum of Understanding ('MOU') with Young Living Farms ('YLF') relating to the proposed sale and construction of its first advanced organic soil plant utilising the Company's proprietary PeatSwitch technology to create organic, environmentally friendly peat replacements for use on their first farming location in Mona, Utah. Upon completion of this facility, YLF will consider the feasibility of installing additional plants at other YLF facilities further afield.
Michael Rowan, Active Energy Executive Chairman said, "Today's MOU is testament to the revolutionary benefits that we believe our proprietary PeatSwitch process can have for agricultural businesses with the PeatSwitch product. Following the purchase order signed with YLF in February 2018, and initial deliveries of our PeatSwitch engineered soils product in March, the YLF team have been witness to the role which PeatSwitch can play in removing environmentally damaging waste streams and converting them into an environmentally responsible alternative to peat or compost.
"The purchase of this first PeatSwitch Facility will deliver revenues to the Group without impacting our ability to satisfy our other CoalSwitch™ and PeatSwitch product rollouts, with other customers and partners as we look to expand our CoalSwitch™ and PeatSwitch offerings. Both Active Energy and YLF are committed to finalising the formal agreements regarding the construction and sale of the Facility as soon as practicable and I look forward to providing our shareholders with further updates."
Mark Harris, YLF VP of Global Farms said, "We are delighted to further our partnership with Active Energy through the proposed purchase of the Biomass Benficiation facility, utilising its process for PeatSwitch. We are proud to be making an important stand in utilising Biomass from our distillation process and recycle it in a way that embodies our Seed to Seal standard."