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Active Energy reaches memorandum of understanding with Young Living Farms
London-listed renewable energy group Active Energy has signed a memorandum of understanding with Young Living Farms over the proposed sale and construction of its first advanced organic soil manufacturing facility.
Active's will receive a total of $3.4m from YLF for its plant, which utilises its proprietary PeatSwitch technology, and upon completion of the facility in Mona, Utah, YLF will consider the feasibility of installing additional plants at other facilities further afield.
Both firms expect the site to be completed by the end of 2018.
Michael Rowan, Active Energy's 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."
Mark Harris, YLF vice president 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."
As of 1050 BST, Active shares had lost 3.17% to 3.44p.