Powerhouse Energy Group PLC - Bingley, England-based hydrogen-from-waste-plastic producer - Raises GBP1 million before expenses, via a placing of 200.0 million shares at a price of 0.5 pence per share. The placing was arranged by Powerhouse's broker, Turner Pope Investments Ltd.
Says the fundraising was undertaken to increase cash reserves following a revision of the business model and to cover a significant proportion of the build and fit-out costs for the company's new technology centre in Bridgend. The technology centre will become the Powerhouse's new head office as well as housing a scale version of its new feedstock testing unit.
Current stock price: 0.63 pence, down 16% in London on Tuesday
12-month change: down 64%
By Holly Beveridge, Alliance News reporter
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Powerhouse Ener (PHE)