TPI provides its latest research note on PowerHouse Energy Group Plc (PHE.L).

Powerhouse this morning has confirmed its successful raising of £10 million (gross) new funding (‘the ‘Fundraising’) by way of an oversubscribed, strategic equity placing and subscription priced at 5.5p per share (the ‘Issue Price’).

Participating in the Fundraising were both an institutional investor and a small number of private shareholders, including the White Family (the Company’s largest shareholder).

The Directors believe that the availability of these new cash resources will expedite significantly financial close of the funding needs for the first commercial scale DMG® installation utilising the Company’s technology, which is targeted to be reached during the first quarter of 2021.

Completion of the first reference site is clearly commercially and strategically important, not least because it will permit participation at project level in the first commercial deployment (rather than just as a licensor of the DMG® technology), but also that it will become a model for the technology’s anticipated UK roll-out and provide a springboard for commencement of Powerhouse’s overseas marketing in order to attract international customers and partners. Admission of the new ordinary shares to trading on AIM is expected to occur on or around 21 January 2021.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to PowerHouse Energy Group Plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2021 Turner Pope Investments (TPI) Limited, all rights reserved.


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