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Good to see PHE hasn’t issued an RNS on this latest attempt to whip up interest. HUI’s release looks more like a desperate grab for attention than genuine commercial progress. DYOR.

Mithra looks more like a renewables developer, with pockets that seem a bit too shallow to carry a project forward alone. Yet again, a sugar daddy looks necessary. DYOR.

HUI appears to be now looking for a DMG licence. If PHE grants one I’d expect it to be non exclusive, cash light and very much on a, bring us something real, not just another story.

Fossil Fury is not enough to shift the market for PHE WTE. Still wants the same thing it always has, numbers, funding, partners, revenue path. No news from Engsolve or Milestones, in fact anything given the ramped up marketing speaks volumes (Epic Fluff).

High-temperature pyrolysis (HTP) modular solutions? Its DMG with the badge taken off. Just hope they don’t change it again to HRT..

STJ st james look at the 2 year chart loads and tell me it wasn't over priced. PI greed again im afraid, nowt to do with AI, its just a cover story.

LOL “Judith Charmers” hilarious, then completely collapsed after remembering Michael Fish. LOADS a few Chernobyls in Greenland should warm the job up.

Some may say i'm a pessimist but on funding Ballymena, the odds look better than some assume, but it all depends on how the project moves forward. If Engsolve carries out the FEED work in house, it’s cheaper than farming it out and gives much clearer cost and risk definition re its experience with DMG. That reduces uncertainty for external funders and makes funding easier to price, which is why I see a better than even chance (around 60–70%) of funding being secured. The remaining question isn’t whether funding happens its all down to how its structured and that’s the adviser’s job (Longspur). We know the technology works at 2.5tpd . A x16 scale up is all about confidence and determination. we can't afford to wait for AUS and the pipeline will only come onboard after 40tpd results.

Https://bridgend-local.co.uk/2026/02/02/powerhouse-energy-moves-ahead-with-planning-for-waste-to-hydrogen-facility/

The only section worth reading is "Important Notice / Disclaimer" "No reliance should be placed on this Document or its contents." I don't need to read any further. Sorry loads your facing STAGE 4.1...

Apologies LOTM-13 been busy. Exhibition MoUs are good for PR and positioning, but they’re non binding and don’t secure funding. The funding gap remains. Hence the wolves were out this morning feeding on those taken in by headlines.

Dusty you deserve and answer 😊. I’m not being pessimistic, and it wasn’t meant as a rant it was about sequencing. After a few years of following this, you start to focus less on the notes being played and more on the order they’re played in. Planning and permitting are necessary steps, but without an SPV and identified funding, there’s a limit to how far things can progress , and that interim period still has to be paid for. When and how many more times does the cap come out.

That’s not negativity, it’s just experience through history. I’m invested and I want it to work, but funding is still the missing and the most important piece that's never been found.

Playing all the right notes, but not necessarily in the right order?

The Song list looks like this, Planning consultations , Permit preparation, Permit submission, Permit determination.

The Cap appears and funding discussions become real. O There’s no SPV (Musicians on stage) which limits the performance to a vocal only solo. how far can this act realistically progress given all this still has to be paid for.

The spike this morning was headline-driven excitement — something I learned to be wary of a long time ago. Fundamentally nothing has changed: funding is still unresolved, the MoU is non-binding, and dilution risk remains.

Take it or leave it. Emotion versus discipline, your choice. And before anyone has a go, yes, I am invested and I do want this to succeed.

Technical Engsolve’s capabilities aside . With Longspur now involved, the obvious path is to leverage Engsolve delivering FEED (£1–2m) to attract a strategic funder at SPV level and introduce an equity tranche (£4–7m, which I mentioned a month ago) to get the project bankable. That might cost a slice of Engsolve.

But on a £20–30m FOAK build, that still leaves a very large balance to be found. That’s the critical question for me — where does the remaining £15–20m realistically come from, and on what terms?

Dusty: Fair points on Engsolve, but Protos didn’t die because the tech failed, it died because the funding never stacked up. Lease before permits/funding/offtakes still feels like the same plot, just with a better special effects budget this time…

This feels uncomfortably like a Protos replay. Site ownership headline first, while funding, feedstock and offtake remain at “discussions” stage (cart before horse again). Notably no reference to the previous Ballymena arrangements, which indicates PHE is now progressing this without an anchor partner.

Swazers Afraid I’m not that organised. just one account and an opinion.

Much more interested in the funding side of the story than conspiracies. Perhaps you could enlighten us all regarding the Longspur engagement?

The Capital Markets Event was effectively a warning of the raise hence reducing my holding as soon as I saw that headline.

I’m watching the Longspur engagement very carefully for tangible content rather than waffle.

Red: Fair points, but IMO it’s also worth noting that strategic advisers are often appointed well before any specific project or funding mandate can be disclosed. These processes are usually confidential until something is sufficiently advanced to announce.

If this were simply a fund raise, the company would normally say so. The fact they’ve framed it as strategic rather than transactional suggests something more than short term working capital.

Agreed that, until capital or contracts are actually announced, non delivery is the key risk.