REG-Powerhouse Enrgy Grp: AGM Statement

Powerhouse EnergyAnnouncement

29/07/2021 11:00

Powerhouse Energy Group plc

("Powerhouse" or the "Company")

29 July 2021

AGM statement

Powerhouse Energy Group plc (AIM: PHE), the UK technology company
commercialising hydrogen production from waste plastic, will be holding its
Annual General Meeting ("AGM") today at 11.00 a.m. at the offices of Fladgate
LLP, 16 Great Queen Street, London WC2B 5DG.

Tim Yeo, Executive Chairman, will provide the following update at today's
meeting:

“I wish to take this opportunity of bringing shareholders up to date with
what we are doing at Powerhouse.

First and foremost we remain focused on the project that remains our top
priority - building our first commercial scale plant at Protos. Success with
this project will open a worldwide market for our clean technology.

This project is being undertaken by Protos Plastics to Hydrogen N0. 1 Limited,
the special purpose vehicle (SPV) set up for this purpose. Following
discussions with Peel NRE about funding earlier this year Powerhouse agreed to
provide the SPV with a short-term loan facility of £3.8 million which was
announced on 12 May 2021.

This facility ensures that long-lead items of equipment will be available
timeously to progress the plant. We have already committed to securing orders
for some specialist materials so meaning that we can secure a short overall
project delivery period from commencement to completion. The loan facility is
also enabling early preparatory work to proceed on site.

Since announcing this facility we have continued to work very closely with
Peel with the aim of reaching financial close on the SPV by 31 October 2021.

In addition, the appointment of Ian Crockford to run the SPV has greatly
strengthened the management team working on the project. Ian is overseeing the
procurement and risk management to ensure that there is a robust contracting
position for this first of a kind (FOAK) project.

FOAK projects, are by their nature, subject to technology risk which can make
it hard to forecast a completion date until an experienced contractor is
committed. We are nearing the appointment of a contractor and are therefore
confident that the steps we have taken in the last few months are consistent
with a completion date during 2023. We will update shareholders regularly on
anticipated milestone dates.

Turning to other subjects I am pleased that Peel is progressing land
use planning matters for the second DMG® plant which will be built in
Glasgow at the Rothesay Dock on the north bank of the River Clyde, not far
from where COP26 will take place in November. The location of a hydrogen
re-fuelling station at this site is a reminder of the potential for DMG®
plants to play an important role in supplying clean transport fuels in the UK
and abroad, thereby delivering environmental benefits in the form of lower CO2
emissions and improved air quality.

The search for our new CEO is progressing well with the help of Egon Zehnder.
Myles Kitcher and I are starting to interview candidates next month. 

We continue to strengthen our management team. In September a new Business
Development Executive will join us to help deal with the increasing number of
inquiries we receive from different parts of the world.

We also continue to support Hydrogen Utopia International in their deployment
of DMG® technology in Poland, Greece and Hungary.

The board is confident about the outlook for Powerhouse and we look forward to
updating shareholders later this year when we publish our half year results at
the end of September.”

Myles Kitcher, Managing Director Peel NRE, part of Peel L&P and Non-executive
Director of Powerhouse, said: “We are in the final stages of securing the
construction contracts and expect to announce financial close very soon. We
have commenced the civil engineering works with significant progress in the
delivery of the new site access and in site preparation.”

-ENDS-

For more information, contact: 

 Powerhouse Energy Group plc                       Tel: +44 (0) 203 368 6399  
 Tim Yeo, Executive Chairman                                                  
                                                                              
 WH Ireland Limited (Nominated Adviser)            Tel: +44 (0) 207 220 1666  
 James Joyce/ Lydia Zychowska                                                 
                                                                              
 Turner Pope Investments (TPI) Ltd (Joint Broker)  Tel: +44 (0) 203 657 0050  
 Andrew Thacker                                                               
                                                                              
 SisterSmith PR (media enquiries) Becca Smith      Mob: +44 (0) 7766522305    

Notes to Editors:

About Powerhouse Energy Group plc

Powerhouse has developed a proprietary process technology - DMG® - which can
utilise waste plastic, end-of-life-tyres, and other waste streams to
efficiently and economically convert them into syngas from which valuable
products such as chemical precursors, hydrogen, electricity and other
industrial products may be derived. Powerhouse’s technology is one of the
world's first proven, distributed, modular, hydrogen from waste (HfW) process.

The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality
hydrogen and more than 58MWh of exportable electricity per day.

Powerhouse’s process produces low levels of safe residues and requires a
small operating footprint, making it suitable for deployment at enterprise and
community level. As announced on 11th February 2020 under its Supplemental
Agreement with Peel Environmental, Powerhouse will receive an annual license
fee of £500,000 in respect of each project which is commissioned.

Powerhouse is quoted on the London Stock Exchange's AIM Market under the
ticker: PHE and is incorporated in the United Kingdom.

For more information see www.powerhouseenergy.co.uk



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