Powerhouse Energy tanks on Australian project postponement

PowerHouse Energy Group shares tanked on Friday, after the thermal reactor technology provider said it was forced to delay its new PHE G3-Uht gasification System in Brisbane, Australia by a month.The group said the unit suffered several delays from suppliers delivering components for the project, adding the gasification system will now begin in April after having been originally commissioned for March.The London-listed company added it will reduce its presence in Europe as it intends to liquidate its subsidiaries in charge of its operations in the area, in order to focus exclusively on building a 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," the group said in a statement.PowerHouse shares were down 11.22% to 0.910p at 15:55 on Friday.