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(Alliance News) - PowerHouse Energy Group PLC on Friday reported a positive pipeline of opportunities and said interim pretax loss narrowed on lower expenses.
PowerHouse is developing a technology which can turn waste plastic into hydrogen which can be used, amongst other things, in vehicles.
In the six months to June 30, the company's pretax loss narrowed to GBP865,189 from GBP1.2 million, largely due to a fall in administrative expenses.
The company said research & development expenses are now "significantly reduced" and other costs are "under tighter control".
During the six months, PowerHouse reported that it has started its first paid engineering consultancy work, with revenue expected to show in the next accounting period.
The company secured an agreement with waste infrastructure project developer Peel L&P Environmental Ltd and Waste2Tricity Ltd to develop a site on the former's Protos Energy park in Cheshire, North West England. The aim is to turn the site into a 35 tonnes per day facility generating electricity and hydrogen.
PowerHouse said: "The pipeline of UK sales opportunities has been augmented by the signature of the 10 site collaboration contract with Peel. The pipeline of other opportunities includes waste management companies, local councils and now industrial users who want to replace the natural gas currently used in their processes with syngas generated from their waste."
Shares in Powerhouse Energy were 2.6% lower at 0.38 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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