Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from plastic, provides an operational update.
Further to the recent appointment of Paul Drennan-Durose as Chief Executive Officer, the management team has been working closely, and collaboratively, with Peel NRE Ltd.’s leadership team on their Protos plant project in the UK, and the Company has been very much involved in their process of selecting world class construction partners for the ultimate build phase, and the financial assessment of the SPV business plan.
In addition to this, the new CEO has been leading the Company’s management team, meeting other members of the international waste and hydrogen ecosystem Powerhouse operates within, including premium grade suppliers, other technologists, and potential project partners, to explore other potential routes for the Company to develop technology, and to commercialise the group. As well as this, management is actively scoping opportunities to further develop the technology readiness level of its offering, and to showcase thisacross international platforms.
The Company has been examining and reviewing the Powerhouse business and its operations, with a view to setting out in the near future an evolved business model, to seek optimal results and value for all stakeholders. The Company plans to be in a position to share this, and other developments, with investors in more detailed announcements shortly, and the strategic path at or around the time of the next AGM.
Paul Drennan-Durose states:
“It’s now been eleven or so weeks since becoming Powerhouse CEO, and in joining the rest of the board in leading the business on the next phase of its development. As you would expect in these early stages, I and the new board members, and our new Chairman, have been in an intense discovery phase, which has included rapidly meeting with many of the stakeholders and partners that Powerhouse has entered relationships with, and with potential collaborators and partners. We are confident in the future of the business, applying learning from the Company’s prior experiences, and capitalising on the increasing market relevance, and the increased relevant experience we are building within Powerhouse and its network.”
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology – DMG® – which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. Powerhouse’s technology is one of the world’s first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality hydrogen or more than 58MWh of exportable electricity per day.
Powerhouse’s process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, Powerhouse will receive an annual license fee of £500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange’s AIM Market under the ticker: PHE and is incorporated in the United Kingdom.
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