Update and Notice of Annual General Meeting

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

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)	[phone]
James Joyce and Enzo Aliaj
Turner Pope Investments (TPI) Ltd (Joint Broker)	[phone]
Andrew Thacker and James Pope
Tavistock Communications (Financial PR)	[phone]
Simon Hudson, Nick Elwes, Heather Armstrong	[e-mail]

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

 

END

 

 

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