REG - Powerhouse Enrgy Grp - Completion of lease on Technology Centre

Powerhouse EnergyAnnouncement

16/03/2023 09:00

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RNS Number : 2077T  Powerhouse Energy Group PLC  16 March 2023

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ANNOUNCEMENT.

 

16 March 2023

 

Powerhouse Energy Group Plc

 (the "Company" or "PHE")

 

Completion of lease on Powerhouse Technology Centre

 

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 entered into a lease agreement for a building
to house the forthcoming Powerhouse Technology Centre (the "Centre"), formerly
referred to as the Global Technology Innovation Centre.

 

The Centre is being created to develop the technology readiness level, the
technologies and systems that PHE has within its offering, reinforcing the
Company's growth strategy as well as its future pipeline of low carbon
solutions. The objectives while finding a location were to be close to
manufacturing, technology and research networks, at the same time making the
centre accessible to customers. The Centre will be located at Unit 3/3A, Garth
Drive, Brackla Industrial Estate, Bridgend CF31 2AQ and extends to 938 square
metres, which will house the feedstock testing unit, offices and facilities
for meetings and presentations.  The lease term is 10 years with a break
option at 5 years; at a rental of £46,000 per annum.

 

Bridgend is regarded as one of the premier business locations in South Wales,
situated midway between Cardiff and Swansea, and meets all of our criteria for
the site. PHE will use existing cash resources to fit out the Centre, which is
anticipated to cost approximately £2million, including the testing equipment.

 

Keith Riley, Acting Chief Executive Officer of PHE, commented:

 

"This is the exciting first step forward in establishing Powerhouse's new
centre for technical development and R&D.  A feedstock testing unit -
much closer in design to the commercial thermal conversion chamber than the
current demonstrator - is currently being manufactured and will be installed
at Bridgend once the building has been made suitable for our use.

 

"In addition to providing Powerhouse with a self-contained facility for our
testing and research, the Centre will serve as a main office for the Company
close to Engsolve Ltd, where most of our engineering work is carried out,
consolidating the Company's business."

 

 

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

 

 

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

 

About Engsolve Ltd

 

Engsolve Ltd is multi-disciplined engineering consultancy with offices in
Bridgend, Wales.  PHE holds a 48% shareholding in the company, and the two
companies have worked closely on PHE projects, with Engsolve providing
engineering and project management services.

For more information see www.engsolve.com (http://www.engsolve.com)

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