Response from the board15 Mar 2025 13:59
Powerhouse Energy Telegram Group (PTG) 15* March 2025.
On 15th March 2025, company representatives and Bob Smith held an off-the-record conversation about recent critiques. We hope you find the information useful.
The Board fully recognises that recent events, particularly the fundraising, have understandably caused frustration and concern among shareholders. They emphasise that they genuinely share and understand these feelings. During the CMD, the Board's intention was clearly to communicate that funding was secure until year-end, alongside a firm commitment to always involve shareholders in future fundraising. However, unexpected developments in the market, including significant selling activity and negative external commentary immediately after the CMD, led the Board to make a difficult yet prudent decision to proactively secure additional funding. This decision was taken to protect and strengthen the company's future prospects, stability, and growth.
The Board deeply appreciates shareholders' ongoing patience, trust, and support, recognising its critical importance to the company's success.
Regarding the Feedstock Testing Unit (FTU), the Board strongly reassures shareholders that the unit was fully operational during the CMD, performing exactly as described with the openly communicated feedstock. The decision not to immediately utilise recycled syngas was strategic and deliberate, aligned with the FTU's primary role in research and development. Given the rapid build timeline of the FTU, it was necessary to undertake a step-by-step approach to achieve measurable and reliable results. Investments exceeding £100k were strategically made in an inline gas analyser with ABB to directly meet client expectations. Additionally, they clarified that investing in further equipment like membranes or PSA units wasn't immediately necessary, as these technologies are already well understood by potential clients.
On the matter of client presence at the CMD, the Board consciously chose to prioritise shareholders and investors, offering them meaningful first access to the new developments as an expression of appreciation for their long-term support. Dedicated, focused client sessions will be organised separately to ensure thorough engagement and positive outcomes.
The Board was somewhat surprised by concerns about communication clarity during the CMD, given the extensive and open Q&A session provided. They consistently aimed for transparency, openly acknowledging areas that required more detailed follow-up.
Moving forward, they remain committed to addressing any information gaps promptly and clearly.
In terms of the fundraising itself, the Board clarified that while initially not planned, rapidly shifting market conditions created a critical need to secure funds proactively.