stokey, I don't think that PHE shares are in danger of dilution at the moment because I can't think of any reason why PHE would need to raise any additional funds. PHE are not paying for the capital cost of building the DMG units, the SPV companies will be doing that.
That had crossed my mind as well. Perhaps DR, as PHE's consultant, will be looking after the design, installation and commissioning of all of the DMG projects, not just Protos, and if I'm right then they don't really need a technical engineer type person as CEO at PHE. Perhaps TY would do as Executive Chairman.
Slight confusion perhaps, so for clarification, PHE doesn't get paid for gate fees, electricity sales, nor hydrogen sales. all of the revenue goes to the SPV company that will be owning and operating the plant. Of course PHE will get a share of the SPV's profits if, and only if, PHE has a shareholding in the SPV.
I noticed that TY use "we" for the receipt of these revenues, meaning the SPV not PHE.