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Novera posted its maiden operating profit in September as a result of the increase in production from its UK landfill gas operations. It also recently announced its decision to shift management control of the company's European business from Australia to the UK by the start of 2004, including the relocation of Executive Chairman David Scaysbrook to the UK in December of this year.
His role will be to help position the company for further growth, to deepen shareholder support in Europe and the UK, and to raise Novera's profile as a leading European renewable energy company.
The commissioning of nine new UK landfill gas power plants during the last quarter significantly increased Novera's operating capacity, delivering a material boost in electricity production. The company said it was progressing construction of additional landfill gas power plants in its expansion program and upgrading gas field wells and delivery systems at existing UK sites. These extensive works are set to deliver continued growth in electricity production and energy sales in the UK over the coming quarters.