19 February 2024
Powerhouse Energy Group plc
("Powerhouse", "PHE" or the "Company")
Corporate
Activity Update
Powerhouse Energy Group plc (AIM: PHE),
a company pioneering integrated technology that converts
non-recyclable waste into low carbon energy, is pleased to provide the following update on its
activities.
The Technology
Centre, Bridgend:
Excellent progress has continued to be made on
the Company's Technology Centre and now head office, located in
Bridgend, Wales, with all general building work completed and both
the PHE and Engsolve teams now located in the centre.
However, as reported last year, one of the
Company's suppliers, Mitchel Dryers, entered liquidation, before
they delivered any equipment and PHE continue to pursue the
equipment via the liquidator. However, due to undefined timescales
to date from the Liquidator; PHE has now placed orders for an
alternative kiln, a new gas clean-up system and the required
balance of plant which allows the Engsolve team to complete the
works on PHE's behalf. PHE is now targeting early Q4 2024 for the
installation of the equipment at the Company's technology centre,
but will continue to work on reducing this timeline.
The Company also shortly expects to move the
test kiln from Cheshire into this building.
European
Patent Claim:
Further to the Company's 6 February 2024 RNS,
PHE continues to defend the patent claim brought against the
Company by Onunda Ltd. The Company can confirm that it is
continuing to pursue commercial projects, whilst this matter is
worked through by its legal counsel. The Board remains confident in
its position and that a satisfactory outcome will be achieved,
without delaying commercial progress.
PHE has developed and continues to develop an
additional significant and valuable body of intellectual property;
the exploitation of which PHE continues to discuss with its
commercial partners with a view of bringing PHE's innovative
technical solutions to the market.
Engsolve
Ltd
During last year, PHE acquired the entire
shareholding of Engsolve, which enabled the Company to secure the
proprietary knowledge of the DMG technology that was held within
Engsolve, and which had been gained over the past six years by the
team. In addition to this, the acquisition provided a
ready-made engineering capacity that allowed PHE to diversify its
revenue structure through gaining access to more stages in the
project lifecycle i.e., Feasibility studies, FEED and Owners /
Developers Engineer, and Engsolve longstanding client
base.
The strategy is now to grow Engsolve
independently, whilst still providing the required support to
PHE.
Paul Emmitt, Chief Executive
Officer, commented:
"2023 was a
transitional year for Powerhouse where we dealt with several issues
that were out of PHE's control, whilst seeing us get our house in
order and setting the foundations from which to build and grow the
Company going forward. There were a number of changes
implemented both to the team, included my own appointment, and the
way that PHE will continue to develop its
business.
"We have a
number of exciting projects which we are looking to develop and
have bought Engsolve into the fold which will diversify our
revenues and give us access to a number of new potential
partners. Corporately, we have a newly structured and
focussed Board with a strategy to drive forward the Company's
growth to ensure that as a priority we deliver value to our
shareholders.
"We as a
Board are extremely optimistic for 2024, and fully committed to
ensuring it is as successful a year as is
possible."
For more
information, contact:
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Powerhouse
Energy Group plc
Paul Emmitt
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+44 (0) 203 368 6399
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Strand Hanson
Limited (Nominated & Financial Adviser)
Ritchie Balmer
James Harris
Rob Patrick
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+44 (0) 207 409 3494
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Turner Pope
Investments (TPI) Ltd (Broker)
Andrew Thacker
James Pope
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+44 (0) 203 657 0050
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Tavistock
(Financial PR)
Simon Hudson
Nick Elwes
Saskia Sizen
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powerhouse@tavistock.co.uk
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About
Powerhouse Energy Group plc
Powerhouse Energy has developed a
process technology which can utilise waste plastic,
end-of-life-tyres, and other waste streams to convert them
efficiently and economically into syngas from which valuable
products such as chemical precursors, hydrogen, electricity, heat
and other industrial products may be derived.
Powerhouse Energy's process produces
low levels of safe residues and requires a small operating
footprint, making it suitable for deployment at enterprise and
community level.
Powerhouse Energy Group also
incorporates Engsolve Ltd, who offer Engineering Services across
all sectors with speciality services in the development of new
technologies and clean energy.
Powerhouse Energy is quoted on the
London Stock Exchange's AIM Market under the ticker: PHE and is
incorporated in England and Wales.
For more information see
www.phegroup.com