PHE30 Jun 2021 08:19
powerhouse Energy Group plc
("Powerhouse" or the "Society")
Final results for the fiscal year ended December 31, 2020
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercializing the production of hydrogen from non-recyclable plastic waste, is pleased to announce its audited results for the fiscal year ended December 31, 2020.
HIGHLIGHTS OF 2020
Commercial activities
- Signed commercial terms with Peel NRE whereby Powerhouse would receive an annual license fee of £ 500,000 for every DMG® facility built in the UK;
- Peel NRE Receives an Option to Enter into an Exclusive Agreement to Develop DMG® Technology in the UK and Announces Plans for 70+ Sites in the UK;
- Acquisition of Waste2Tricity Limited completed;
- Signing of the Heads of Terms for the first international application of DMG technology;
- After the end of the year, receipt of the revised declaration of feasibility from DVN for the improved DMG design.
Project progress
- Building permit granted for the first DMG application on the Protos site in March 2020;
- Completion of the front-end engineering and design;
- Completed the value enhancement and expanded export options for Protos to provide Peel NRE with commercial flexibility;
- Start of planning for the second location in Clydebank, Scotland.
Financial performance
- £ 5m in fundraising and engagement from cornerstone financial and industrial investors;
- Peel Holdings (IOM) Ltd. Warrants granted to purchase new shares equal to 10% of the currently issued capital of Powerhouse, triggered by the announcement of the financial completion of the Protos project;
- Powerhouse secured the first payments of the year;
- Post-year fundraising of £ 10m to secure the Protos timeline and participation in the Protos SPV.
Organization and growth
- Reorganization and strengthening of the board of directors;
- Recruitment of an operational and technological development team;
- Establishment of a new board committee - the Environmental Social Governance Committee.
The annual report and financial statements for the year ended December 31, 2020 will be sent to shareholders shortly and will be available on the company's website: www.powerhouseenergy.co.uk