Member Info for nefabeta01

https://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/111221-cop26-powerhouse-energy-hui-target-lowest-cost-hydrogen-from-waste-plastic-with-linde-deal
Oil company interest
The initial focus is on a project in Konin in Poland, but HUI has plans to expand, and is in talks with large oil and gas companies over an agreement.

"If we make a deal with a major energy company, I would expect to roll out in the second half of 2022," HUI founder Aleksandra Binkowska told Platts in an interview.

HUI raised GBP2.2 million ($3 million) in a pre-initial public offer funding round on Sept. 9, and plans to raise a further GBP5 million to GBP7 million in an IPO on the Aquis Growth Market in November.

The company is to use the funds raised to build its first syngas system, to be deployed around the middle of 2022.

I do wish PHE would correct the press comments that say, 'the first plant in the North West being opened in two years'. As I understand it HUI only need to get to Syngas stage with Linde then cleaning that and producing Hydrogen. I recall they said that would be by start of H2. Even the slothful Peel Protos development should get to that stage within a year!

Valuation it is - apologies just sen you'd already made the paid out of taxation comment.

How many MPs pensions are linked to Fossil fuel? None - they are the lucky minority wholly funded by the taxpayer with index linked pensions paid for out of the bottomless pit which is the public purse. A bit political for a Sunday!

Yeh - the revised accounts shows the addition of a Creditors note (Note 7) detailing the breakdown of the Creditors due within one year. It clearly shows that the large increase was from Convertible Loan Notes - so will be repaid in Shares and not cash.

PS Trading while insolvent is an offence under the Insolvency Act 1986 and Directors who should reasonably have known can be held personally liable - I don't see Darren worrying unduly.

Antelope - the 5.5M you ask about is impossible to identify precisely what it is. It's clearly a large sum in the context of DA Ltd. They could for instance have accrued (non cash) management fees yet to be invoiced from Alsopp which will be paid on exit. They could also be Intercompany costs from DA Inc which would cancel out on consolidation ( Debtor in DA Inc Creditor in DA Ltd Co) As Tim said they may be non cash entries so you can't read much into unconsolidated abridged accounts although what is clear is it is a large chunk so something is happening. What is also clear is that TW doesn't have a clue and is erroneously advising people that DA Ltd is insolvent when he clearly doesn't have the information to support his view and neither does he appear to have the professional skills to comment on a set of accounts. A rank amateur.

Not much can be read into Abridged Accounts but on a cursory reading Trade Debtors increased by 200K which would usually imply increased Sales. If terms are 30 days then possibly a turnover increase of c.2m if 60 days poss an increase of c.1M
Other big moves Short term Creditors (usually trade invoices, accrued costs etc)up 5.5M repayable in less than a year and same amount 5.5M has hit the P&L and the loss has increased by 5.5M. Now since they only have 10K in the bank what fool would let them have 5.5m worth of goods or services with no prospect of the invoice being repaid within a year? Hmm.

Somebody posted a briefing from HUI a few days ago announcing their imminent agreement with Linde in which HUI stated they would have the DMG in place end of H1-2022 or start of H2-2022. I don't know whether this has been made possible as they need to only get to the Syngas stage after which Linde will clean the gas to produce H2 whereas Protos completion includes all stages to production of H2. Happy that TY's 2023 AGM comment isn't going to hold the FOAK back anyway!

That's where Linde come in isn't it? Taking the Syngas from HUI DMGs and using their own tech to clean it and produce H2.

That's where Linde come in isn't it? Taking the Syngas from HUI DMGs and using their own tech to clean it and produce H2.

Hi Mr Rascal

I understood that H2 production was the final milestone at which point the project would be considered complete? H2 production seems to be what HUI are claiming?

Interesting that HUI say first production will be in 2022 whereas TY published 2023 in the AGM. I wonder whether 2023 was just a backstop date to take pressure off the project and allow PHE to over deliver. The AGM announcement was a pretty big deferment after all.

ITM up c. 21% in a month, Nel up nearly 8% in 5 days (admittedly from a 52 week low) - I believe what is currently causing upward momentum in the share price is a combination of the imminent COP26 meeting, Government pronouncements on Hydrogen strategy and particular to Powerhouse the fact that Financial close is now next month. COP26 will float all renewables boats and we may well see a spike to 10p before settling back as per earlier this year. So Swazers charts could easily be telling the truth.

Aldeb - Financial close in the context of a Joint Venture means that the funds are in place, contractors have been appointed and contracts signed by the SPV (Protos Plastics to Hydrogen N0. 1 Limited) to complete the proposed project. After Financial close comes the long awaited project delivery or at least the start of it. So yes it is an exciting milestone but the path ahead still has many risks. Peel do seem to be completely embedded now having signed contracts for hydrogen fuel stations and other plastics enterprises at Protos however as Tame says, I'm sure these contracts will mitigate Peels's risk and be consequent to successful completion of the DMG but it would be a major embarrassment to both parties if the venture were to fail.

https://www.proactiveinvestors.co.uk/companies/news/956374/powerhouse-energy-chairman-says-protos-project-top-priority-956374.html

Hi Tame
a fellow accountant here.

The Financial Close referred to is of the SPV set up jointly between Peel & Powerhouse to Finance the FOAK Joint Venture.
As you say, PHE have put money into this to purchase long lead time items already I think they now await Peels contribution.

PS You're not alone in being frustrated by the continual kicking of the can down the (unbuilt) road!

Boffin - I think Mr Yeo read your message!

I hope they aren't looking at ii's and even more dilution!
Makes you laugh tho' when you read, "Construction of our first commercial scale DMG plant........Powerhouse is therefore working very closely with Peel NRE to achieve this outcome as quickly as possible. Even before financial close has been reached". Accounts signed 21st June 2021.........followed only 5 weeks later by AGM Notice on 29th July 2021, "We are nearing the appointment of a contractor and are therefore confident that the steps we have taken in the last few months are consistent with a completion date during 2023"

Makes you wonder whether they know they're talking bollx even as they sign the report off!

28.5M shares sold in 2 trades after the bell - now the reason for the drop is clear.
I think tomorrow morning may be a good time for me to buy a few more as well!

Thanks Dr A - but even if it's not W2T some other large holder/holders have been selling over the last week and that will still lower the sp.