Directorate Changes and Investment in Protos SPV
15 August 2022
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Directorate Changes and Investment in Protos SPV
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from plastic, announces that Paul Drennan-Durose has resigned from his post as Chief Executive Offer and will leave the Company on 31 August 2022. The Company confirms this was Paul's personal decision. Interim Non-executive Chairman Keith Riley said "The board wishes to thank Paul for his contribution to the development of the Company and wishes him success in his future endeavours." In the interim, Keith Riley will become acting Chief Executive Officeruntil such time a permanentsuccessor is announced.
The Company also announces that Myles Kitcher, Non-Executive Director, has informed the board that he will not offer himself for re-election at the Company's next Annual General Meeting. The Company also announces, however, that it has signed a non-binding term sheet setting out the heads of terms for Powerhouse to take a 50% shareholding in the Peel NRE Ltd ("Peel") special purpose vehicle (SPV), Protos Plastics-to Hydrogen No 1 Ltd, and looks forward to continuing to work with Myles within the SPV on the proposed development of the plastics-to-hydrogen plant to be constructed within Peel's "plastics park" at Protos
The non-binding term sheet includes proposals to amend the current collaboration agreement with Peel to reflect the proposal that Powerhouse will be a joint venture partner as well as extending the long-stop dates on the Peel Exclusivity Agreement Option from 31 August 2022 to 31 March 2023 and also the long-stop date for Peel to exercise the warrants it holds over the Company's shares from 9 September 2022 to 31 March 2023. These proposals and amendments remain subject to finalised legal documentation. A further update will be announced upon entering into definitive agreements.
Gill Weeks, Non-Executive Director, has also informed the board of her intention not to offer herself for re-election as a director at the next AGM for personal reasons and to enable her to balance other commitments. The Company thanks Gill for her contribution and looks forward to continuing to work with her, albeit in a non-director role.
Paul Emmitt is appointed Chief Operating Officer with immediate effect, stepping up from his role as Chief Technical Officer.
Keith Riley, said: "Powerhouse is seeing more changes at Board level, but at working level continues to grow in strength, as demonstrated by our announcement on Protos. We are sorry to see Paul leave, especially at a time when the non-binding heads of terms with Peel on Protos is a significant step forward both for the Company and for the Project - which sets out a plan for the proposed implementation of Powerhouse's unique hydrogen generation technology. Taking a proposed active role in the project SPV will give the Company direct involvement in the management of the project. We look forward to continuing to work with Myles and will be calling on Gill's expertise in the future on environmental and government affairs."
The Company will commence the process of seeking a Chief Executive Officer and further non-executives immediately. The announcement of a successor along with announcement of new Non-Executive Directors will be made in due course.
-ENDS-
For more information, contact:
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Powerhouse Energy Group plc K eith Riley
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WH Ireland Limited (Nominated Adviser) James Joyce and Megan Liddell
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+44 (0) 207 220 1666 |
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Turner Pope Investments (TPI) Ltd (Joint Broker) Andrew Thacker and James Pope
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+44 (0) 203 657 0050 |
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Tavistock (Financial PR) Simon Hudson, Nick Elwes and Heather Armstrong |
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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
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