LONDON (Alliance News) - PowerHouse Energy Group PLC Friday said it has had to delay the commissioning of its new PHE G3-Uht Gasification System in Brisbane, Australia by a month after it was hit by several delays from suppliers who were delivering components for the unit.
The company also said it will liquidate its subsidiaries in charge of its European operations, which will lead to the company having a "reduced presence" in the region.
The gasification system was due to be commissioned in March, but has now been pushed back to April.
In February, the company said it had ceased all of its operations in Switzerland and Germany so it could solely focus on the construction of the gasification system in Australia.
"The transition of the management of the company to Australia is continuing as planned with activities in Switzerland and Germany being wound-up," said PowerHouse on Friday.
PowerHouse said it will liquidate its European subsidiary, but insisted it will maintain "a reduced presence" in Europe to support sales and business development.
"The European operations are held through a wholly owned subsidiary, Pyromex Holding AG, which is no longer considered necessary to the future of the company, and it is intended that Pyromex Holding AG will be liquidated, along with its wholly owned subsidiaries, Pyromex AG and Pyromex GmbH," Powerhouse said in a statement.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Powerhouse Ener (PHE)