REG - Powerhouse Enrgy Grp - Update and Notice of Annual General Meeting

Powerhouse EnergyAnnouncement

13/10/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221013:nRSM7020Ca&default-theme=true

RNS Number : 7020C  Powerhouse Energy Group PLC  13 October 2022

13 October 2022

Powerhouse Energy Group plc

(the "Company" or "PHE")

 

Update and Notice of Annual General Meeting

 

Powerhouse Energy Group plc (AIM: PHE), a company pioneering integrated
technology which converts non-recyclable waste into low carbon energy, is
pleased to provide an update on the Company's progress as well as Notice of
the Company's Annual General Meeting ("AGM").

 

Company Update

 

The three principal agreements that will formalise PHE's shareholding in the
special purpose company, (Plastics-to Hydrogen No 1 Ltd) that will develop and
own the Plastics-to-Hydrogen project on the Protos Plastics Park, (as
announced on 5 September 2022), are being progressed and PHE expects to
announce their finalisation later this quarter

 

Ahead of the formalisation of agreements, PHE and Peel NRE Hydrogen Ltd, a
wholly owned subsidiary of Peel NRE Ltd continue to work together on the
activities required to develop and finance the project including firming up
the construction costs as well as identifying appropriate construction
contractors and, are working on establishing agreements for long-term
provision of feedstock and hydrogen offtake to and from the facility.

 

PHE is also in discussions over the location of its headquarters. This is due
to development plans of the Thornton site by the University of Chester,
meaning that the demonstrator unit will have to be re-located. The Company is
proposing to consolidate its plans for the Global Technology and Innovation
Centre, announced on 24 May 2022, with this relocation, to move to a
multi-purpose, functional centre that will allow for its technology to be both
demonstrated and developed. The Company is in negotiations for a suitable site
and will update shareholders in due course.

 

The Company is also pleased to announce that new appointments are planned to
be made to strengthen the PHE Board. Details of these will be announced as
soon as they are finalised.

 

Notice of AGM

Powerhouse announces that the Notice of Annual General Meeting ("AGM") will
shortly be posted to shareholders. The Company's AGM will be held at 11.00
a.m. on 9 November 2022 at the offices of Bird & Bird LLP, 12 New Fetter
Lane, London EC4A 1JP.

 

A copy of the Notice of AGM will be available on the Company's website at:
www.powerhouseenergy.co.uk (http://www.powerhouseenergy.co.uk/)

 

 

Keith Riley, Interim Chairman and Acting CEO of Powerhouse Energy plc
commented:

"I look forward to announcing the new additions to the Board which we believe
will not only significantly strengthen the Board but also ensure that the
Company has the right expertise in place to take the business forward. Once in
place, with the Board's agreement, I propose to step down as Interim Chairman
whilst maintaining an executive position on the Board and to see PHE's
technology into construction.

 

"Securing a fit-for-purpose location where new feedstocks can be properly
tested, and our technology developed is vital to the future of the Company.
Our technology has potential for numerous applications, but to bring these to
reality we have to successfully demonstrate proof of concept. The rationale to
combine this with the administrative headquarters of the company means that
the senior leadership team can keep a closer proximity to all aspects to the
business and improving efficiencies.

 

"We have made significant progress on Protos in recent weeks, but there is
still a lot of work to do. Other than finalising the detail of the facility
construction with the contractor, the technical definition of the
Plastics-to-Hydrogen facility is complete. We will now be focusing on the more
commercial aspects and seeking to secure the revenue streams for the project
once it is developed. With European energy markets in flux and the UK
government's commitment to Net Zero by 2050, the provision for low carbon
energy has never been higher on the agenda. PHE's product offering is seeking
to address these pressures."

 

-ENDS-

 

For more information, contact:

 Powerhouse Energy Group plc                         via Tavistock
 Keith Riley

 WH Ireland Limited (Nominated Adviser)              +44 (0) 207 220 1666
 James Joyce and Enzo Aliaj

 Turner Pope Investments (TPI) Ltd (Joint Broker)    +44 (0) 203 657 0050
 Andrew Thacker and James Pope

 Tavistock Communications (Financial PR)             +44 (0) 020 7920 3150
 Simon Hudson, Nick Elwes, Heather Armstrong         powerhouse@tavistock.co.uk

 

 

Notes to Editors:

 

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 the United Kingdom.

 

For more information see www.powerhouseenergy.co.uk
(http://www.powerhouseenergy.co.uk/)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NOAFLFEEIDLFLIF