Welcome to the October Newsletter from Powerhouse Energy Group PLC, where our vision is to be global leader in technology solutions that transform plastics and waste into clean energy. Each month we’ll update you with our latest developments and future plans.
A message from our Non-Executive Chairman, James Greenstreet
Non-Executive Chairman
I’m pleased to announce that members of the Powerhouse team will be up in Glasgow next month, co-hosting a Roundtable to discuss how our technology can help reduce plastic in the oceans and improve the air we breathe. As COP 26 brings the eyes of the world to the city to talk climate change, our event, which is in partnership with Peel NRE and Hydrogen Utopia International, will address how technologies such as ours, will play a key role in tackling the impact of climate change. Jo Ruxton, Producer of the award winning film, A Plastic Ocean and Co-Founder of Ocean Generation, will deliver the keynote speech too. We’ll be communicating more information about the event soon, so watch this space.
Thank you again for your continued support.
Interim results for the six months ended 30 June 2021
Powerhouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, announces its unaudited interim results for the six months ended 30 June 2021.
H1 2021 Highlights
Operational
- Progress at Protos
- Key appointments made
- Orders placed for long lead items including the alloy for thermal Conversion Chamber
- DNV validation of DMG design
- Selection of second site for DMG in Clydebank, Glasgow
Sales
- Engineering support provided to Peel and the SPV for the plant’s construction
Financial
- Placing in January 2021 raised £10 million before expenses.
- £3.8m loan facility provided to Protos SPV
- Revenues arising of engineering service provision to Protos SPV
Corporate
- Institutional investor engagement in January fund raise
- Entered into exclusivity agreement with Hydrogen Utopia International (HUI) to deploy their clean energy technology in Poland, Greece and Hungary
Board changes and appointments
- Retirement of David Ryan as CEO
- Recruitment process for replacement of CEO underway
- Retirement of Dr. Cameron Davies as Director
- Ian Crockford appointed as specialist project executive to manage the Protos project
- Appointment of Paul Emmitt as Chief Technical Officer
Post-period Highlights
- Acquisition of 48% stake in Engsolve Limited
- Appointment of James Greenstreet as Chairman following retirement of Tim Yeo
- Resignation of Mark Berry as Non-Executive Director
- Appointment of Richard Hodgkinson as Business Development Executive
- Resignation of Allan Vlah as Non-Executive Director
- Appointment of Keith Riley as Non-Executive Director
James Greenstreet, Chairman, commented:
“Powerhouse has made great progress in the first half of this year, bolstering the technical and management teams and acquiring a stake in Engsolve, the engineering consultancy. This progress supports our top priority, the building of our first commercial scale plant at the Protos Energy Park in Ellesmere Port, Cheshire. During this period we were delighted to sign a binding agreement with HUI which intends to deploy Powerhouse technology in Poland, Greece and Hungary helping to provide a solution to the world’s plastic pollution, accelerate the clean energy transition and improve our environment for future generations.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Powerhouse sign binding collaboration agreement with Hydrogen Utopia
Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company commercialising hydrogen production from plastic, is pleased to announce that it has entered into a binding collaboration agreement (the “Collaboration Agreement”) with HU2021 International UK Limited (“HUI”), a wholly owned subsidiary of Hydrogen Utopia International PLC, to deploy Powerhouse’s DMG® technology in territories outside the UK. This agreement supports Powerhouse’s global vision for its technology, helping the world decarbonise and move towards clean energy.
Under the Collaboration Agreement, Powerhouse and HUI have agreed to pursue the development and implementation of distributed and modular production of hydrogen and power from waste materials on a commercial basis to the mutual benefit of each of the parties in Poland, Greece and Hungary (where HUI has been granted exclusivity) and in other territories outside the UK on a non-exclusive basis.
Powerhouse has also agreed that it may grant HUI exclusivity over further territories outside the UK subject to the agreement of a new exclusivity agreement for the relevant territory
James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said:
“Powerhouse is pleased to sign this collaboration agreement with HUI which is championing our technology across Europe and potentially the rest of the world. This agreement provides a framework for us to move forward with projects with Hydrogen Utopia and will help to deliver our long-term vision for DMG® technology to be deployed internationally, helping the world transition to clean energy whilst providing a solution to end-of-life plastic”.
Aleksandra Binkowska, CEO of Hydrogen Utopia International PLC, said:
“We are delighted to have formalised Hydrogen Utopia’s collaboration agreement with Powerhouse for all territories outside the UK. We continue to use our networks and relationships across Europe and the rest of the world to look to secure project approvals, finance and technical expertise to facilitate the deployment of DMG® technology. Our mission remains to accelerate the development of a circular and net zero carbon economy in Europe and potentially the rest of the world.”
Proposed projects presented to Powerhouse outside the territories in which HUI has been granted exclusivity can be accepted or declined on a project-by-project basis, with fees being generated for Powerhouse by IP licence agreements to be agreed at the time and also, if appropriate, exclusivity agreements.
The Collaboration Agreement creates a framework for the marketing and development of Powerhouse’s DMG® technology, the use of Powerhouse’s design materials to identify projects and the relevant intellectual property licences necessary to facilitate the development and implementation of projects. The Collaboration Agreement also provides for Powerhouse to provide services where requested on payment of service fees to assist in developing and implementing projects.
Spotlight on….Ian Crockford, Project Executive
Ian’s work on the London Eye and London 2012 Olympic venues, as well as various flagship city commercial office schemes, have all had an impact on the UK’s capital city. Elsewhere, Ian has large urban-regeneration property development as well as industrial process plant experience, UK-wide and Internationally.
He is a delivery focused business executive with specialism in financing, master planning, and structuring high-profile engineering schemes. With an agile, motivational and results-driven leadership style, Ian has a background of successfully translating business needs into operational and development solutions. Ian prides himself in establishing projects for success, assisting Clients to gain clarity through proper briefing, objective formulation, through to cultural alignment and solid governance. This ensures that resultant works are executed cost effectively, productively, to the highest benchmarks of health & safety, sustainability, and business return.
Over your career, what have been the highlights to date?
I’ve been fortunate enough to change the skyline of London on several occasions through my work. Helping deliver the London 2012 Summer Olympic Games and marking the Millennium with the build of the London Eye, were two projects which captivated a global audience and which were very challenging but highly rewarding. Both projects involved integrated teams, with additional stakeholder and political management, as well as intense media engagement.
What do you love about working within the energy sector?
It’s the ‘people’ aspect of my job that I love the most; the strong relationships that are formed during a project which ultimately facilitate delivery. As a Client, my job is to pull people together, motivate, and coordinate them to create a team structure which works productively and seamlessly.
More recently I’ve become involved in helping owners or developers become more intelligent clients. How to brief and properly set up a project for success. Aligning all project partners to common goals and keeping stakeholders informed and engaged.
Is there a person or business who has inspired you in your career?
There are lots of very influential people and businesses who I’ve been fortunate to work with, both professionally and personally. It ranges from extra-curricular mentoring disadvantaged young adults where I’ve been lucky enough to experience their drive, courage and ideas; it’s such a rewarding experience.
Professionally, I’ve worked with some real experts and David Higgins, during the Olympics, particularly stands out. I learnt how to structure a huge project into a very organised, well-disciplined and well-governed machine, that was set-up for success.
Are there any milestones within the commercialisation of PHE’s technology that you’re looking forward to seeing become reality?
To be involved in a project that is at the forefront of the country and the world, in terms of clean energy aspirations, is an honour. I have been very pleased to help organise the first project to prove the DMG technology and I’m now looking forward to going through the finance, supply chain selection and safe delivery, then onto the commissioning and testing, to ensure that we’re on track to deliver hydrogen from plastic waste in 2023. It will be a fantastic achievement for everyone.
Powerhouse Appoints Keith Riley As Non-Executive Director
Riley has played a major role in resource recovery in the UK
Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company commercialising hydrogen production from plastic, has appointed Keith Riley as Non-Executive Director. Riley brings a wealth of experience to the board, championing the Circular Economy in the UK’s waste management industry and leading the industry’s transition to resource recovery.
Keith Riley has had a long and successful career in waste management. A Chartered Engineer and a Fellow of the Institution of Mechanical Engineers, Keith recognises the importance of Powerhouse technology in fighting climate change and helping the world clean up waste plastic from the environment.
Riley is currently proprietor and Chief Executive Officer of Vismundi Limited, a consultancy company providing services to the resources and waste management industry. Prior to that, between 2005 and 2012 he worked for Veolia Environmental Services plc as Group Managing Director for Technology and as Managing Director for Group Technical Services.
Over the course of his career Keith has worked with a number of specialist waste and resource management companies and most recently has been Non-Executive Director of Waste2tricity Limited. He continues to be a Partner of BH Energy Gap LLP on behalf of Vismundi, which develops projects in the renewables sector and raises the finance to implement them.
On joining the Board of Powerhouse Keith Riley said: “The DMG technology being developed by Powerhouse addresses two important issues – the need for energy free of climate change impacts, and the excess of plastic waste. I am pleased to be able to join the Board to help further the business of Powerhouse in addressing these two issues.”
Powerhouse has also announced today that Allan Vlah has informed the board that he wishes to step down as Non-Executive Director of the Company on 31 December 2021 to concentrate on his other business interests.
James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said: “On behalf of the board I would like to thank Allan for his invaluable contribution over the last year and wish him well in his future ventures. I am delighted to welcome Keith who brings a wealth of relevant experience to the Board and very much look forward to working with him as we move Powerhouse forward.”
Check out The Powerhouse Podcast
News & Media – PowerHouse Energy Group PLC
which this month looks at the importance of clean air with Tim Yeo and Myles Kitcher.
There’s no turning back, we have to decarbonise, we have to more effectively manage our waste and PHE tech is key to that”. Myles Kitcher
“Large transport HGVs, ships, aeroplanes potentially are looking at hydrogen as the go-to technology”. Myles Kitcher
Get in touch and for more information about Powerhouse Energy.
Visit- www.powerhouseenergy.co.uk
Email- [email protected]
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