Powerhouse Enrgy Grp (PHE.L) Interim results for 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


· 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


· Engineering support provided to Peel and the SPV for the plant’s construction


· 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


· 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.

Full Update

For more information, contact:

Powerhouse Energy Group plc

Tel: +44 (0) 203 368 6399

James Greenstreet, Non-Executive Chairman

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.