Member Info for Boffin

Perhaps I have misunderstood this but my read of
".... 600kW of alkaline fuel cell systems plus ammonia cracking technology within modular 40ft containers"

is that the required ammonia cracker and 600kw fuel cell were both together in one 40' ft container. To me the word modular means you just add more modules as needed and just put in the plumbing to the ammonia tank(s). I don't understand this as cracker in one container and one fuel cell in another. That isn't to me "modular". That also fits a little better with the earlier predictions of fitting circa 2 Mw of stand alone S fuel cell in one 40' container

Whilst it is good news it isn't yet firm orders. I don't doubt they will come and this RNS may persuade many others in different industries who are watching to start getting seriously committed.

But it isn't yet revenue and thats what the market wants to see almost as much as profit at this stage.

12 million buys to 4 million sells looking good, why are we not up?

Perhaps because a few million shares bought or sold when there are nearly 4 billion in issue is rather insignificant?

I just don't understand the complaints on here re "manipulation" in buying or selling of shares. You, me, Schroeders or anyone else owning shares will have their own investment priorities, preferences and financial circumstances. The fact that others choices to buy or sell may conflict with my personal aspirations for a share; well tough luck on me. In the current situation it may be (or indeed may not be) that Schroeders have decided they want to sell down some or all of their holding. But why would they want to drive the price down? Surely they want to make as much as possible in whatever timescale and profit boundaries they have decided on? In fact pretty much what I do but perhaps on a somewhat larger scale LOL.

Its not manipulation its just business.

With roughly half as many shares in issue. The market cap has barely moved.

LIke every other investor in PHE I'm pleased to see this. However I did just wonder about the following part of the RNS

The formal IP Implementation licence to HUI for construction of its projects approved by Powerhouse, which will cover the licence fees to be received by Powerhouse for any deployment of the DMG technology, has yet to be agreed

Does this suggest that the various licence fees for use of Powerhouse IP may still be under discussion? I suspect we need to be careful about the financial projections until the position on that is finalised.

The ordering of this was announced at the end of July. Perhaps I have missed something bit I don't recall its arrival or deployment being announced. Has anyone seen or heard anything?

And don't forget the energy required to compress Hydrogen to that level. Typically circa 20% of the energy contained at 350 bar will have been used in compressing it. Plus of course the cost of making it in the first place and distribution is quite expensive as much of the weight on a delivery truck is the weight of the pressure cylinders themselves rather than the weight of the hydrogen

Remember ECR has raised quite a bit of equity over the past 18 months or so. Until there is a significant discovery and JORC standard resource statement there will inevitably be an impact on the SP. But actually a much lower impact on the market cap as it does put cash on the balance sheet.

Just prior to the Equity raise in July 2020 there were around 555 million shares in issue (and that ignores the potential impact of warrants). Today we are over a billion shares in issue(again ignoring the potential impact of warrants. So in the absence of significant resource discovery news it is not surprising that the SP would halve over that period but the market cap remaining fairly constant. OK I realise the SP has fallen by somewhat more than that but its clear that issuing a load of shares and consequent SP dilution is the major factor .

AquaeSulis01. No chance of them drilling blind. They have an XRF which is very effective for detecting gold. It is usually within 10% or so of what the lab assays will show although highly "nuggety" deposits can be more problematic. Plus of course visual inspection of the cores can be quite useful too.

They have though to obtain independent lab results to comply with JORC requirements and Craig as said many times its his intention to get some level of JORC classification for each of the prospects. Thus he always waits for the lab results before going public so there is no risk of issuing misleading info that has to be retracted at a later date.

Burleigh

Firstly we are using contractors for some of the drilling. Mostly where we already have some data to ensure best targeting

And that also highlights one of the problems with contract in when you don't yet have much info. Contracts are always specific. X number of holes at Y precise locations to Z depth. Thats what you get, minimal flexibility.

With your own drill, especially in early stage prospecting, if the first couple of holes suggest you should change tack then you can do that immediately. Its much more flexible.

Also as we have seen with the fencing quotes it's as least as cheap to buy some kit and do it yourself . And you get to keep the kit for future use.
I can't find it but I'm sure Craig made just these points in one of the interviews when we ordered Midas

No Boffin means 18Kw electricity usage heat pump to replace a 45Kw output gas boiler. You often see quoted an average of around 3x the thermal output for the electrical input on heat pumps. The efficiencies vary a bit but are much worse when its cold outside, which is of course when it will get most use. So I used a factor of 2.5 just to be on the safe side in mid winter.

I should perhaps also point out that having it supplied by 3 phase will make it much cheaper to make as 3 phase motors are smaller than a similar output single phase motor and tend to be a bit more efficient at converting electricity into mechanical power to drive the compressor. Another reason to have 3 phase installed automatically in all new homes.

Quite right its generating capacity and distribution that are going to be a limiting factor for quite some time.

Even more so if you start to factor in the governments intention to get us all to give up gas boilers and install electrically powered heat pumps for domestic heating and hot water. I did a rough calculation and I will need a circa 18Kw heat pump to replace my boiler. If I put that on the existing supply cable to the house I will risk blowing the main fuse if I turn the kettle on whilst the heat pump is running! And if I need to have a wall charger for my electric car as well? Now just imagine what that means across 30 million or so residences in the UK. OK I have a somewhat larger house than a two bedroom apartment (but not a mansion!) but you get the point I'm sure. There needs to be an astonishing upgrade in generating capacity, national grid distribution and probably the installation of 3 phase power supply cables to many domestic properties. Nowhere do I see any clear plans to allow this to happen. Its all about wonderful sounding end points without any clear practical and costed proposals and plans to actually deliver it from any political party including the greens.

Sorry AIMmillionaire but its clear it can be connected to the grid but it doesn't have to be. Any source of electrons will do so long as its at the right voltage and there are enough of them. From the ABB point of view though sensible marketing to mention the grid as most of the target audience will currently have some 3 phase and at best limited awareness of AFC .

What they don't make clear is just how much instantaneous demand this may put on the local grid and the potential major upgrade to the local supply network may be needed to fully exploit the potential of the unit. And thats where AFC could come in.

Interesting that they don't mention the source of the power supply needed and it illustrates the opportunity for AFC really well. This unit needs a little under 1000 amps on standard 3 phase. More than the total available supply to all the houses in my street put together. And we will never be maxed out simultaneously, but this will. It could be assisted by rather enormous battery pack being recharged when the AB360 isn't being used but but potentially its still a substantial demand on the local grid.

Or of course they could use two of the current AFC fuel cells or one with a battery pack! And when Alkamem delivers we could run at least five of these simultaneously and even more with a battery buffer being recharged in idle times. Put five or more of these onto the local grid would necessitate a new substation off the 12kv supply.

I don't think there is a problem with non execs speaking in general principles about the company and what is on offer so long as their position is declared.

What they cannot do is make legally binding commitments on behalf of the company that have any significant financial implications as if they were authorised signatories or making promises as if duly authorised by such a signatory. Which of course at the moment is impossible as PHE doesn't have any executive directors.

Of course no-one will complain that in the current situation a non exec chairman authorises payments of invoices necessary to keep the business running. But eg authorising a deal such as that with HUI with long term commercial implications is quite another matter.

Sorry 31st Aug RNS

Whilst I am very happy to see Keith Riley as a non exec I would be surprised if the possibility of CEO hadn't been discussed and eliminated. I don't know why, perhaps he has too many other commitments, didn't want this at this stage in his life or whatever. Thus I don't think us lobbying for him or an EGM is helpful use of scarce management time and money unless we have a specific constructive alternative to propose. For a EGM there has to be a motion put that proposes a specific outcome eg a no confidence vote in a director or the board demanding their resignation. Voting that we want a person as CEO who doesn't actually want the job is a waste of everyone's time.

That said I do have a concern that I wrote to W H Ireland about to which they haven't replied. On 3 Aug an RNS was issued announcing signing of a deal with HUI. Well at tat time there were no executive directors who are the only people legally authorised to commit the company to such a deal. Non executive directors are clearly excluded from making legally binding commitments on behalf of the company. Legally non execs are even classed as employees of a company, they are in effect a special kind of consultants. My query to Ireland was who signed this deal and what was their authority to do so- I'm a bit worried by the non answer!

And more info here

https://www.realestate.com.au/sold/property-house-vic-sebastian-136346038

Sales pitch video available here

https://www.facebook.com/PRDbendigo/videos/990232175153861/