REG - Powerhouse Energy Gp - Corporate Activity Update

Powerhouse EnergyAnnouncement

19/02/2024 12:45

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RNS Number : 6438D  Powerhouse Energy Group PLC  19 February 2024

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:

 Powerhouse Energy Group plc                                +44 (0) 203 368 6399

 Paul Emmitt

 Strand Hanson Limited (Nominated & Financial Adviser)      +44 (0) 207 409 3494

 Ritchie Balmer

 James Harris

 Rob Patrick

 Turner Pope Investments (TPI) Ltd (Broker)                 +44 (0) 203 657 0050

 Andrew Thacker

 James Pope

 Tavistock (Financial PR)                                   powerhouse@tavistock.co.uk

 Simon Hudson

 Nick Elwes

 Saskia Sizen

 

 

 

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 (http://www.phegroup.com)

 

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