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Powerhouse Energy Group underpinned by environmental needs says chairman

Powerhouse Energy PLC () executive chairman Tim Yeo predicted another year of progress for the group driven by the need for zero-carbon energy and to deal with thrown-away plastic.

The group currently has two plants under development with partner Peel NRE and has identified 70 sites suitable for Powerhouse’s waste-to-energy DMG technology.

For each site developed in the UK, Powerhouse will receive an annual licence fee of £500,000.

Yeo added: “The modular design of our DMG plant allows production to be scaled up rapidly once the operation of our first commercial-scale plant provides proof of concept.

“Since most of the capital cost of deploying our technology will be borne by our development partners and by the companies which are licensed to use our DMG technology it will be possible for very rapid growth to take place simultaneously in different markets without having to have recourse to our shareholders for additional cash to fund this expansion.”

Powerhouse added that it had started the search for a new chief executive following the retirement today of David Ryan.

Losses for the year to December 2020 were £16mln (£1.75mln), reflecting the step-up in development expenditure over the year.

Read More: Powerhouse Energy Group underpinned by environmental needs says chairman

2021-06-30 02:39:00

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