REG-Powerhouse Enrgy Grp: Placing of shares

Powerhouse EnergyAnnouncement

19/03/2021 07:10

Powerhouse Energy Group plc

("Powerhouse" or the "Company")

19 March 2021

Placing of shares with institutional investors and Deed of Variation

Powerhouse Energy Group plc (AIM: PHE), the UK technology
company commercialising hydrogen production from waste plastic, is pleased
to announce that its broker, Turner Pope Investments (TPI) Limited (“TPI”)
has placed 141,888,183 existingordinary shares of 0.5p each in the Company at
a placing price of 4.8p (the “Placing”) with a number of institutional
investors and high net worth clients of TPI. The Placing comprised shares
issued by the Company to the vendors of Waste2Tricity Limited (“W2T”) and
represent more than half of the W2T consideration shares held outside the
Powerhouse Board and the White family concert party. 

The Board of Powerhouse believes that the Placing has removed a potential
share sale overhang and will strengthen the Company’s institutional and
long-term shareholder base, a key part of the Company’s investor relations
strategy. Over 75% of the shares comprised in the Placing have been acquired
by 1798 Volantis Fund Ltd.

To facilitate the Placing, a deed of variation was entered into on 18 March
2021 by the Company, TPI and the parties to a lock-in agreement entered into
in connection with the acquisition of W2T (the “Deed of Variation”). The
Deed of Variation permits the locked-in parties listed below to dispose of the
shares held by them comprising the Placing prior to the expiry of the lock-in
period. Details of the original W2T lock-in agreement were set out in the
Company’s circular to shareholders dated 26 June 2020.

The details of the selling locked in parties and the number of Powerhouse
ordinary shares sold by them are as follows: 

 Locked-In Party  Number of Locked-In Shares placed  
 John Hall        114,046,647                        
 Peter Jones OBE  26,187,583                         
 Paul Heagren     1,653,953                          

Following the Placing, Tim Yeo, executive chairman of the Company, said 

“I am delighted that TPI have been able to place these Powerhouse shares
with a significant institutional shareholder and a small number of other
investors. This materially advances the Board’s strategy of strengthening
our long-term investor base. 

It also pre-empts a potential share sale overhang when the hard lock-in period
expires in July. All locked-in shareholders were offered the chance to sell
and the substantial majority chose not to do so, thereby demonstrating their
confidence in the Company’s future prospects.”

-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 Ltd (Joint Broker)    Tel: +44 (0) 203 657 0050  
 Andrew Thacker/Zoe Alexander                                             
                                                                          
 SisterSmith PR (media enquiries) Becca Smith  Mob: +44 (0) 7766522305    

Notes for editors:

About Powerhouse Energy Group plc

Powerhouse, the sustainable hydrogen company, 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 GBP500,000 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.net



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