Powerhouse Energy buys 48pc of partner Engsolve

(Sharecast News) - Hydrogen-from-plastic technology company Powerhouse Energy Group announced the acquisition of 48% of engineering consultancy Engsolve on Thursday, for consideration of £99,990 in cash.
The AIM-traded firm's chief technology officer Paul Emmitt is also the managing director and founder of Engsolve, with which Powerhouse had worked "very closely" over the last four years.

It said the acquisition was intended to maintain Engsolve's continued support of the company's projects and developments, and would ensure that Engsolve's expertise remained available to Powerhouse in future.

Engsolve is a private company based in Bridgend in Wales, with "significant" experience in undertaking engineering design and support, cost estimating and control, project management and safety risk assessments across industries including energy from waste, renewables and green energy, the Powerhouse board explained.

It made a profit after tax of £0.14m in the year ended 31 March, on a turnover of £0.84m.

"We are delighted to have acquired 48% of the share capital of Engsolve, a company Powerhouse has worked closely with for four years developing our technology which transforms plastics and waste into clean energy," said executive chairman Tim Yeo.

"This acquisition ensures Engsolve's excellent expertise remains available to Powerhouse as our technology helps to improve the world's environment for future generations."