First Month of Trading at Ghummud Delivers Revenue
Active Energy Group plc reported that its Ghummud facility in Abu Dhabi generated AED 404,000 in revenue during its first full month of trading, with an average fleet uptime of approximately 97%. This performance, if sustained, suggests an illustrative annualised revenue run-rate of AED 4.85 million. The company views these results as validation of its strategy to acquire energised power infrastructure and integrate modular digital capacity, with the Ghummud project being the initial deployment in its UAE infrastructure platform.
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| Active Energy Group plc (AIM: AEG | OTC: AEUSF) is pleased to provide an operational update on its recently acquired Ghummud facility in Abu Dhabi ("Ghummud" or the "Facility"), following its first full month of trading. |
During the month, the site achieved average fleet uptime of approximately 97% across all deployed units, with management continuing to increase utilisation levels as additional customer capacity is deployed across the facility.
Revenue net to AEG generated during the month totalled AED 404,000 (approximately US$110,000).
On an annualised basis, based solely on the first month's performance and assuming similar operating conditions, this would equate to an illustrative revenue run-rate of approximately AED 4.85 million (approximately US$1.3 million) per annum. This figure is illustrative only, is not a profit forecast and should not be relied upon as an indication of future performance. There can be no guarantee that current trading levels will continue or that such annualised revenues will be achieved.
The Board is encouraged that initial operational performance has been broadly in line with internal expectations and considers that these results support the commercial rationale of the Company's strategy of acquiring energised power infrastructure and overlaying modular digital infrastructure capacity.
The Ghummud project represents the first operational deployment within the Company's wider UAE infrastructure platform, which also includes the Company's 8MVA development project and the recently announced Khazna acquisition. Together, these assets form the foundation of the Company's objective of building a substantially larger portfolio of energised digital infrastructure assets across the UAE.
The Company will continue to provide operational updates as appropriate.
Paul Elliott, CEO of Active Energy, commented:
"We are extremely pleased with the first full month of operations at Ghummud. Maintaining approximately 97% uptime across the deployed fleet demonstrates both the quality of the underlying infrastructure and the strength of the operational team managing the asset."
"Most importantly, Ghummud is now producing revenue and validating the acquisition model we have been building around. We acquired a live grid-connected asset, deployed digital infrastructure and rapidly brought the site into operation. The result is a revenue-generating asset that is already contributing towards funding its own acquisition cost."
We believe this is a powerful proof of concept for our wider strategy. Alongside our 8MVA project, Khazna and additional opportunities under evaluation, we continue to focus on acquiring and developing energised infrastructure assets that can be brought into operation quickly and efficiently. Our objective remains the creation of a scaled digital infrastructure platform across the UAE and wider GCC region."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.