(Alliance News) - Powerhouse Energy Group PLC said Wednesday at its annual general meeting that it has completed its first build for a commercial DMG plant at the Protos Energy Park, as well as the first stage of engineering work.
The company said it has focused on delivering the first plant, and as a result has secured first revenue from the plant, and is looking recieve trialling revenue from the equipment at the Energy Centre in the University of Chester.
In addition, for a contract with waste infrastructure project developer Peel Environmental for the development of a minimum of ten sites in the UK housing its DMG waste-to-energy technology, Powerhouse has gathered delivery contractors for the stream of projects.
Including delivery options for international orders, Powerhouse expects to take the first project to financial close, as part of the funding arrangement for the other potential projects.
"The consultancy, installation, operation and plant licensing revenues that these projects will deliver are the foundation of the company business and the board is confident that the commencement of our paid activities and the ever growing level of commercial engagements, augmented now by Peel will provide the necessary platform to establish PHE as a sustainable and profitable business with a strong market presence in the hydrogen economy," said Chair Cameron Davies.
Shares in Powerhouse Energy Group closed flat at 0.45 pence on Wednesday in London.
Powerhouse Ener (PHE)