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
o Key appointments made
o 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.
For more information, contact:
Powerhouse Energy Group plc
Tel: +44 (0) 203 368 6399
James Greenstreet, Non-Executive Chairman
