Inside a Small-Cap Aligned to Rising AI Infrastructure Demand

Active Energy Group PLC (LON: AEG) (OTCID: AEUSF) is building a multi-faceted platform spanning digital infrastructure, renewable generation, and crypto finance. With scalable UAE data sites, a growing UK energy footprint, and proprietary clean-fuel IP, AEG aims to combine recurring income with long-term digital and energy growth¹.

Its UAE digital infrastructure operations are focused on providing third-party hosting services, its UK solar assets are structured around long-term power purchase agreements designed to support more predictable cash flows over time, and its crypto treasury forms part of a broader capital-management approach alongside its operating businesses, subject to market and regulatory risk. Together, these business lines position AEG at the intersection of clean energy, digital assets, and scalable infrastructure as global demand for energy efficiency, data processing power, and inflation-resistant assets accelerates.

Active Energy Group PLC (AEG) is a UK and US-listed microcap, (LON: AEG) (OTCID: AEUSF), building a diversified platform across digital infrastructure and clean energy. The company develops and operates scalable data-hosting facilities in the UAE, providing infrastructure for Bitcoin mining, AI, and high-performance computing (HPC) clients. In parallel, AEG manages a strategic crypto treasury, is developing small-scale rooftop solar and battery projects across the UK, and retains proprietary clean-fuel technology through its CoalSwitch® intellectual property.

AEG has secured an Entrepreneur Licence from Saudi Arabia’s Ministry of Investment, giving the Company a compliant platform to operate and scale in the Kingdom of Saudi Arabia. The licence supports international trade, attracting foreign counterparties and strategic partners seeking a local, compliant presence.

"The successful award of the MISA Entrepreneur Licence is a major step forward for Active Energy and a clear validation of our Middle East strategy. Access to ultra-low-cost power, significant regional capital - including Sharia-compliant funding - and a rapidly developing digital and energy infrastructure creates a compelling environment for our business model. We believe this licence materially enhances our ability to deliver sustainable growth and long-term value for shareholders." - Paul Elliott, Chief Executive Officer of Active Energy Group plc

AEG’s strategy focuses on pursuing self-funded, capital-efficient growth by combining near-term hosting income with longer-term exposure to the digital and energy transition, seeking to position the company at the confluence of compute, crypto, and clean power.

AEG’s initial 8 MW UAE deployment is projected to generate approximately $3 million in annual revenue with around 50% gross profit, based on current assumptions. Expansion to 100 MW within 12 months and potentially 300 MW over three years is part of management’s growth objective, which could support a path toward meaningful cash flow expansion if successfully executed. Importantly, the plan is to reinvest about 50% of that cash flow to help support disciplined, largely self-funded growth.

Alongside this, the UK solar and battery segment is designed to deliver long-term, predictable cash flow through 20 to 25 year power purchase agreements. Assets are to be built and refinanced over an expected 8 to 10 year period, with capital returned early in the asset life. Once that capital is recovered, these projects are positioned to generate long-duration, inflation-resilient cash flow with relatively low operating risk, providing a stabilizing counterweight to the company’s higher-growth digital operations.

CoalSwitch represents another ongoing revenue stream. Significant capital has already been invested, and management is now focused on unlocking value from that sunk capital through partnerships, particularly in Poland. If successful, this could create meaningful upside without requiring substantial new investment.

Finally, the crypto treasury is intended as a capital management strategy rather than a speculative bet. Through active management of digital assets, it is designed to help preserve value, hedge inflation, and mitigate currency risk, adding another layer of balance to the broader platform.

Digital Infrastructure – Growth Engine in the UAE

AEG’s core focus is on developing and operating modular hosting facilities that provide power, cooling, and maintenance for Bitcoin mining, artificial intelligence, and high-performance computing (HPC) clients. With 8 MW under deployment and plans to potentially scale to 300 MW, the company aims to benefit from ultra-low-cost energy and a highly supportive regulatory climate in the UAE.

As one of the world’s most AI- and crypto-friendly markets, the UAE offers a uniquely supportive environment for digital innovation. Its National Strategy for Artificial Intelligence 2031, seeks to position the country as a global hub for AI development and digital infrastructure². In parallel, the UAE’s Virtual Assets Regulatory Authority (VARA) has established one of the world’s most comprehensive digital-asset frameworks, emphasizing transparency, innovation, and investor protection³.

Recent developments underscore the UAE’s momentum as Microsoft announced a $15.2 billion AI and cloud data-center buildout, while US authorities cleared the shipment of tens of thousands of Nvidia AI chips into the country⁴. Together, these moves confirm that large-scale AI compute capacity is localizing in the UAE.

AEG’s early-mover position may enable it to capture demand from second- and third-tier technology firms seeking affordable, high-performance hosting capacity in the region.

With the Entrepreneur Licence in place, AEG has a fully compliant base to build and scale in Saudi Arabia, supporting partnerships, joint ventures and inbound foreign investment from local and international companies.

Crypto Treasury Strategy

AEG manages a strategic crypto treasury that is intended as a corporate capital-management strategy and remains subject to significant price volatility and regulatory uncertainty. Comprising Bitcoin, Ethereum, Solana, and XRP, management believe the treasury will provide a long-term store of value and operational flexibility. This digital reserve is intended to help preserve capital, hedge inflation, and facilitate payments in volatile currency regions aligning with global trends in corporate digital asset adoption. This approach allows AEG to align capital management with the digital-native nature of its infrastructure business.

For context, according to CoinShares Research (2025)⁵, corporate Bitcoin holdings have surged to nearly one million BTC, with public companies now holding about 2.5% of total supply, underscoring accelerating institutional adoption and the growing case for Bitcoin as a strategic reserve asset.

Solar and Battery Storage – Local Energy Generation (UK)

AEG is developing small-scale rooftop solar and battery systems on commercial buildings such as warehouses and garden centers. These projects aim to deliver clean, affordable power directly to commercial tenants and landlords under long-term Power Purchase Agreements (PPAs). As the portfolio of rooftop and storage assets expands, AEG may refinance completed projects to fund additional builds, potentially creating recurring, self-sustaining income streams.

CoalSwitch® – Legacy IP, Long-Term Value

CoalSwitch® is AEG’s patented, biomass-based drop-in replacement for coal, offering a lower-carbon alternative for industrial and utility customers seeking to reduce emissions while maintaining energy security. The technology remains a core strategic asset, with potential value through licensing or partnership-led deployment.

Management is pursuing a capital-efficient path to commercialization through strategic partnerships, including efforts focused on European markets such as Poland, where demand for clean-fuel alternatives is rising. If successful, this approach could unlock value from existing intellectual property without requiring significant new capital investment.

An Integrated Value Proposition

Together, these four pillars form a hybrid business model that combines high-growth digital infrastructure, long-duration clean-energy cash flow, disciplined capital management, and IP-driven upside. Whilst the company operates across multiple sectors, this potentially offers investors diversified exposure, not guaranteed diversified benefits, to two of the most powerful structural megatrends of the next decade: the digital compute revolution and the global energy transition.

AEG operates in a rapidly converging space where digital infrastructure, crypto hosting, and clean energy intersect as demand for power-intensive computing grows. While peers typically focus on one pillar, AEG’s diversified and agile business model appears designed to create multiple growth and resilience levers.

The table below highlights how AEG compares with selected digital-infrastructure and Bitcoin-mining peers that are beginning to pivot toward AI-enabled compute. These comparisons are illustrative only and do not imply relative investment merit or performance.

AEG’s Competitive Edge

AEG’s strength lies in its timing and jurisdiction. While large-cap peers retrofit existing US mining capacity to support AI workloads, AEG is purpose-building modular data infrastructure in the UAE, where energy costs are comparatively low and regulatory frameworks are supportive.

Ultimately, the company’s multi-pillar model combining hosting, renewable generation, and digital treasury is a business model that combines multiple complementary operating activities that management believes may reduce reliance on any single revenue source and differentiates the company from single-focus miners.

The broader market trend reinforces this shift. For context, in October 2025, a consortium led by BlackRock’s Global Infrastructure Partners agreed to acquire Aligned Data Centers in a $40 billion deal, the largest data-center transaction on record. The move reflects how institutional investors, sovereign funds, and tech giants are racing to secure the compute and energy infrastructure underpinning the AI boom⁶.

As digital capacity becomes increasingly vital to technology ecosystems, firms controlling scalable, low-cost power and data infrastructure, such as AEG, may be seen as important participants in this evolution rather than niche operators.

Credibility

Under the new leadership team, AEG has undertaken one of the AIM market’s more disciplined microcap restructurings, moving from voluntary liquidation to full operational recovery within a year. The company has also restored regulatory compliance, becoming fully compliant on the OTC Markets ID platform, underscoring its renewed governance and market credibility.

The new management team has also invested its own capital, restructured the business, and implemented what it describes as a lean, agile, and compliance-focused operating model designed to respond quickly to market trends and emerging revenue opportunities. This disciplined approach is evidenced by the team’s ability to secure an Entrepreneur Licence from the Ministry of Investment of Saudi Arabia, demonstrating execution speed, regulatory focus, and regional credibility.

Supported by established advisors across digital assets, renewable energy, and finance, AEG is positioned as a credible business pursuing growth through tangible assets and transparent governance.

The demand for digital infrastructure and clean energy is accelerating globally, and the UAE captures both megatrends. Driven by AI, blockchain, and data-heavy industries, worldwide data-centre electricity demand is projected to more than double by 2030, reaching around 945 terawatt-hours (TWh) annually⁷. This surge is reshaping capital allocation as investors re-rate compute and power assets as core strategic infrastructure.

Jurisdictions offering low-cost, reliable energy and clear regulation, like the UAE, are emerging as magnets for large-scale investment. Meanwhile, sovereign wealth funds, asset managers, and hyperscalers are channeling billions into AI-linked infrastructure to secure power, chips, and data capacity. This institutional shift underscores the depth and duration of the current buildout cycle.

At the same time, distributed renewable capacity is gaining traction. The global rooftop solar PV market is expected to grow from $38.5 billion in 2024 to $60.4 billion by 2032 (CAGR ~5.8%)⁸, while the UK targets a rise in solar deployment from ~18 GW to 45–47 GW by 2030⁹ under the government's roadmap.

Together, these structural shifts, AI’s compute boom, digital assets infrastructure growth, and the global clean-energy transition, are driving a structural reallocation of capital that could define the next multi-decade investment cycle.

With a focus on digital and renewable infrastructure, AEG provides investors early exposure to the assets underpinning this transformation.

Active Energy Group operates across early-stage digital infrastructure, renewable energy, and digital-asset-related activities. As a microcap issuer, the company’s strategy depends on the successful execution of multiple initiatives, meaning timelines, capital requirements, and commercial outcomes may differ from current expectations.

Demand for data-hosting services may fluctuate based on energy costs, regulation, technology adoption, and customer market conditions. The company’s crypto treasury is subject to digital-asset price volatility and evolving regulatory frameworks, which may affect asset values over time.

Renewable-energy projects involve development, construction, financing, and operational risks, and long-term revenue assumptions may be influenced by changes in regulation, interest rates, and counterparty performance. Operating across multiple jurisdictions also exposes the business to regulatory, political, and economic changes.

Securities of microcap companies may experience limited liquidity and heightened price volatility, and market prices may move independently of operational performance.

This overview is not exhaustive, and readers are encouraged to review the company’s public filings and disclosures for a more complete discussion of risks and uncertainties.

Twelve months ago, AEG was placed into voluntary liquidation by its previous board. Since then, a new experienced management team is in place to take the company forward and has adopted a revised strategic direction targeting high-growth sectors with specialized products and services, supported by direct capital investment from management to align interests with shareholders.

The company now operates with a flat structure and disciplined operating model, supported by established advisors across digital assets, renewable energy, and finance. The team’s emphasis on execution efficiency, capital discipline, and regulatory compliance positions AEG to pursue growth opportunities in fast-moving markets with prudent oversight.

Paul Elliott – Chief Executive Officer

An accomplished entrepreneur and property developer with over 30 years’ experience, Paul has built a career transforming under-performing assets into profitable ventures, generating more than £25 million in development profits. He leads AEG with a focus on agility, cash generation, and strategic growth, bringing a turnaround mentality to revive the company.

Pankaj Rajani – Non-Executive Chairman

A Chartered Accountant and corporate-finance specialist, Pankaj trained with KPMG and has over three decades of experience in cross-border transactions, investor relations, and strategic governance. He provides the board with steady, compliant oversight, balancing entrepreneurial drive with disciplined financial control.

James Voce – Corporate Development Officer

With 20 years in private banking and wealth management at Citigroup and Coutts, James brings deep experience in client strategy, structured finance, and asset-backed investment. Based between the UK and Dubai, he leads business development and capital-formation initiatives across AEG’s portfolio.

Bryan Glendinning – Solar Advisor

A civil engineer and one of the UK’s foremost renewable-energy experts, Bryan has helped deliver more than 200 commercial rooftop solar projects, including the UK’s largest private-wire solar installation at Nissan’s Washington plant. His technical leadership underpins AEG’s solar and battery-storage growth strategy.

Adrian Rowles – Financial and Crypto Advisor

A global financial advisor and digital-asset specialist, Adrian trained under senior traders from Goldman Sachs and Bank of America. He advises AEG on crypto-treasury management, financial structuring, and strategic market positioning across digital and renewable assets.

Leadership Aligned for Scale

Together, this leadership team is focused on repositioning AEG as a more streamlined and governance-focused microcap, one that moves fast, manages risk intelligently, and selectively partners with best-in-class operators aligned with its stated strategy. This approach underpins the company’s efforts to pursue growth across its operating segments.