Active Energy Group PLC (AIM:AEG, OTCID:AEUSF) (Active Energy Group PLC (AIM:AEG, OTCID:AEUSF)) announced it has secured a £1.3 million (AED 6.5 million) funding facility as it looks to add power-backed infrastructure sites to its growing UAE platform.
The 12-month unsecured facility carries fixed interest of 5% a year and a 5% arrangement fee, with repayments spread across 10 monthly instalments starting two months after drawdown. The money can fund deposits and acquisition payments as well as technical, development and infrastructure spending needed to bring new sites towards energisation.
AEG is evaluating several opportunities across the UAE, with larger sites a priority as it seeks the scale required by international counterparties. Bitdeer has previously indicated an appetite for opportunities of around 20 MW and above, while AEG has also disclosed that it is assessing a potential 60 MW site. Its letter of intent with Bitdeer remains non-binding.
Alongside the facility, the lender will receive 758.3 million warrants representing roughly 11.1% of AEG’s existing issued share capital. The three-year warrants are split between exercise prices of 0.15p and 0.20p, respectively 88% and 150% above the company’s 0.08p closing price on 29 September.
Chief executive Paul Elliott said the funding gives AEG “greater flexibility to move quickly on the right opportunities”, as the company works to aggregate power capacity for bitcoin mining, artificial <a href="https://bitcomme.com/worldbox-business-intelligence-achieves-soc-2-type-i-and-type-ii/” title=”Worldbox Business Intelligence Achieves SOC 2 Type I and Type II”>intelligence, high-performance computing and other digital infrastructure applications.
“We are actively evaluating several additional sites and this funding gives us greater flexibility to move quickly on the right opportunities,” Elliot said.
“Our priority is larger sites capable of delivering the scale required by international counterparties such as Bitdeer, but speed to power is equally important. We will therefore also pursue attractive bolt-on opportunities where there is a clear pathway to near-term energisation.”
He added: “We have established our operating platform and demonstrated our ability to generate revenue in the UAE. Our focus now is on building from those foundations: securing additional power, accelerating energisation, aggregating capacity and increasing scale.”
