PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, is holding its Annual General Meeting (“AGM”) at 11.00am today. The general update to be provided by the Board at the AGM will include the following statement:
“As stated in our recent results we are on track with the engineering design of the DMG® process and can report the latest performance and modelling data is showing strong results in terms of the outputs from a variety of feedstocks. The generic Front End Engineering Design (FEED) Engineering is now complete, allowing initial safety design reviews and independent third party design reviews to be initiated on schedule.
“The commercialisation phase is now well underway, further building on our existing strategic partner relationships, with encouraging discussions taking place with a number of potential commercial partners and end users, in the main arising from the waste management, transport and cement production sectors.
“While our intent was to have our first commercial facility operational by the end of 2018, lead time delays in material acquisition and operational financing have now made that unlikely. It is worth noting that while a portion of the funds raised over the past 18 months were used to progress the Company’s test-engineering and operational efforts, the majority of funds were used to repay the Hillgrove Note – an absolute necessity for the Company’s future – which created an impediment to the speed of our commercial engineering efforts.
“We are now focussing on application and site specific financing packages and permitting for market led applications which will optimise returns to shareholders and customers alike. The build and commissioning of the first DMG® system will take, depending on specific customer requirements, in the order of 12 months to complete. Consequently, the Board’s revised view is that, dependent upon acquiring finance for the facility in a timely manner, full commercial operation should commence in the latter half of 2019.
“We are also actively pursuing a number of grant applications, which if successful, will result in additional funding during 2019.
“We look forward to positive progress during the rest of the year and beyond as the commercialisation strategy for our proprietary DMG® technology platform targets revenues to move PowerHouse towards becoming a profitable and sustainable business meeting the ever growing global needs for efficient elimination of plastic waste and end of use tyres and the production of clean energy.”
ENDS
For more information, contact:
PowerHouse Energy Group plc Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive Officer
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor
Turner Pope Investments Ltd (Joint Broker) Tel: +44 (0) 203 621 4120
Ben Turner / James Pope
Ikon Associates(Media enquiries) Tel: +44 (0) 1483 271291
Adrian Shaw Mob: +44 (0) 7979 900733
About PowerHouse Energy
PowerHouse Energy has developed a proprietary process technology called DMG® which can use waste plastic end-of-life-tyres and other waste streams to convert them into cost efficient energy in the form of electricity and ultra clean hydrogen gas fuel for use in cars and commercial vehicles (FCEV: Fuel Cell Electric Vehicles) and other industrial uses. The PowerHouse technology is the world’s first proven, modular hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and in excess of 28MW/h of exportable electricity.
The PHE process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange’s AIM Market. The Company is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net