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Powerhouse Energy Group PLC hails progress on first DMG plant in first half

The company said it is in the final stages of appointing a new chief executive officer

Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81) had almost £11mln in the bank at the half year stage as it continues to make progress building the first commercial plant using its DMG technology.

The DMG technology, which can transform plastics and waste into hydrogen, is being installed at the Protos Energy Park in Ellesmere Port, Cheshire in conjunction with project partner Peel Environmental.

Powerhouse said it is in the final stages of appointing a new chief executive officer and expects to announce the appointment shortly.

Powerhouse company reported revenues of £373,306 for the first half of 2021, up from £100,000 a year ago, mostly derived from engineering services for the application of the DMG technology at the Protos site. A £1.1mln pre-tax loss was recorded.

After cash levels were topped up by a £10mln placing in January, a £3.8m loan facility was provided to the Protos special purpose vehicle in May to develop the plant, with £1.15mln having so far been advanced.

Powerhouse said it is currently assisting Peel with the appointment of an engineering, procurement and construction management contractor and has recently appointed a project specialist, Ian Crockford, to run the SPV once contracts are implemented.

The company said it will keep investors updated when financial close and other key milestones are reached.

Chairman James Greenstreet said: “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.”

Read More: Powerhouse Energy Group PLC hails progress on first DMG plant in first half

2021-09-28 02:46:00

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