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LONDON (Alliance News) - PowerHouse Energy Group PLC said Wednesday it has raised GBP900,000 via an oversubscribed share placing and subscription agreement to support the commercial development of the company's DMG waste-to-energy technology.
The UK technology company has issued 180 million new ordinary shares at 0.5 pence per share.
The share placing was carried out by the company's broker, Turner Pope Investments TPI Ltd, and joint placing agent Cornhill Capital.
"The PowerHouse System continues to demonstrate that at commercial scale, our outstanding waste-to-hydrogen technology will be delivering distributed hydrogen in the most ecologically responsible, economically efficient, distributed manner, and position PowerHouse as a key hydrogen player. We intend to be one of the lowest cost providers of hydrogen fuel in the world, whilst making a major contribution to reducing the plastic and rubber waste problem- and dramatically reducing air pollution," said Chief Executive Keith Allaun.
On Tuesday, the company said it had inked its first international agreement for its waste-to-hydrogen technology. The company signed an agreement for its technology to be used in a hydrogen bus project in in Bulgaria and Romania.
Shares in the company were trading 9.2% lower at 0.52 pence Wednesday afternoon.
