REG - Powerhouse Energy Gp - Acquisition of entire shareholding of Engsolve Ltd

Powerhouse EnergyAnnouncement

22/06/2023 07:00

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RNS Number : 4967D  Powerhouse Energy Group PLC  22 June 2023

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ANNOUNCEMENT.

 

22 June 2023

 

Powerhouse Energy Group Plc

 (the "Company" or "PHE")

 

Acquisition by PHE of the entire shareholding of Engsolve Ltd

 

Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated
technology that converts non-recyclable waste into low carbon energy, is
pleased to announce that it has completed the acquisition of the entire
outstanding shareholding of the engineering consultancy company, Engsolve Ltd
("Engsolve") for a cash consideration of £572,000.

 

Reason for the acquisition

On 12 August 2021, PHE announced that it had acquired a 48% stake in Engsolve,
a private company based in Bridgend that has worked closely with PHE on the
Protos Plastics to Hydrogen project and more recent prospective projects.
Engsolve has significant experience in engineering design and support, cost
estimating and control, project management and safety risk assessments across
a range of industries including energy from waste, renewables and green
energy, and will complement PHE's capabilities in the development of its
technology and project implementation. The inhouse engineering capability will
also permit PHE to develop revenue streams into the Company that previously
were not available to it. For the year ended 31 March 2022 Engsolve recorded a
profit for the year of £195,155.

 

Related party transaction

Engsolve was owned 48% by PHE and 52% by its two directors, Paul
Emmitt and Richard Riddell. Mr Emmitt is the Chief Operating Officer of
PHE. Mr Emmitt has sold his entire holding in Engsolve and is a related party
under the AIM Rules for Companies. The transaction with him is therefore a
related party transaction under these regulations.

 

The independent Directors of the Company (being the full board except for Paul
Emmitt and Keith Riley who are deemed to be not independent due to their roles
as directors of Engsolve), having consulted with WH Ireland, PHE's Nominated
Adviser, consider the terms of the related party transaction to be fair and
reasonable insofar as shareholders of the Company are concerned.

 

Tony Garner-Hillman, Non-Executive Chairman of PHE commented:

"We are delighted to have acquired the remaining share capital of Engsolve.
This Acquisition consolidates Engsolve's position within PHE and will provide
the Company with a secure engineering resource that will enhance the Company's
capabilities and business for the future."

 

 

Paul Emmitt, Managing Director and Founder of Engsolve commented:

"I welcome PHE completing the acquisition of Engsolve and look forward to
growing the PHE business in the acceleration of the clean energy transition
that is so urgently needed. The acquisition is testament to the expertise of
the Engsolve team, and of their efforts since Incorporation, I believe this
will lead to growth and provide much needed resource for PHE."

 

Keith Riley, Acting CEO of PHE commented:

"I have been working closely with Paul and the Engsolve team since I joined
PHE. They are a very capable and motivated group of people. Having them
totally committed to the PHE business will be a real boon for the Company. I
also see the integration of Engsolve into PHE as being critical for the
Company as it will give us a base on which to grow the engineering services
arm of the company as well as strengthening the engineering support of our
capital-intensive projects. This is the start of a new era for PHE."

 

 

For more information, contact:

 

 Powerhouse Energy Group plc                       powerhouse@tavistock.co.uk (mailto:powerhouse@tavistock.co.uk)

 Keith Riley

 WH Ireland Limited (Nominated Adviser)            +44 (0) 207 220 1666

 James Joyce

 James Bavister

 Enzo Aliaj

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

 Andrew Thacker

 James Pope

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

 Simon Hudson

 Nick Elwes

 Heather Armstrong

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

 

 

 

About Powerhouse Energy Group plc

PHE 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.

 

PHE's process produces low levels of safe residues and requires a small
operating footprint, making it suitable for deployment at enterprise and
community level.

 

PHEs 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.powerhouseenergy.co.uk
(http://www.powerhouseenergy.co.uk)

 

 

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