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@Techguru91 — investors should be very careful about buying into this narrative without reviewing the actual facts:

1️⃣ The so-called "game-changing deal" is a Heads of Terms only — non-binding, no confirmed revenue, no secured contracts, no FID (Final Investment Decision). The RNS makes this explicitly clear.

2️⃣ The £250k mentioned was likely order flow related to the placing cycle, not organic sticky institutional buying. The recent print pattern and block activity suggest a classic placing support pattern, not genuine open market accumulation.

3️⃣ HUI’s last published cash position was just £266k — a placing was required to address operational cash burn, not to fuel growth. This is not a signal of strength.

4️⃣ The chart shows clear signs of engineered short-term uplift, consistent with a placing management play, not true fundamental demand. These cycles often trap retailers late.

5️⃣ Promoting “4p” or “10p this month” without any fundamental valuation basis is dangerous for new investors, especially given the known fragility of the balance sheet and unproven nature of the MENA deal.

First, the MENA deal is a Heads of Terms only — not a signed contract or project with committed revenue or funding. The latest RNS is clear on this. No market participant should read this as an advanceable “deal” yet — certainly not one justifying forward selling or valuation uplift.

Second, the timing of the placing relative to both the MENA PR and the share pledge is not coincidental — it may be a classic AIM liquidity cycle play. The evidence of printed late trades around this event (as you noted) could be consistent with engineered order book activity, not natural demand.

Third, the £3M loan is being framed as a positive, but viewed structurally, it signals the opposite: financial stress requiring emergency director collateralisation to bridge operational cash flow gaps. The same Annual Report showing only £266k cash and reliance on Ohrid repayments confirms this fragility.

Fourth, the Ohrid Organics angle is being overplayed. The loan repayment from Ohrid is non-strategic and was already flagged in the Annual Report as a critical cash source, not a growth lever. Framing this as “progress” is misleading. There is no public confirmation that the Ohrid acquisition structure is even complete.

Finally, investors should not overlook the context here: we are seeing an orchestrated PR + placing cycle, with the clear intent of managing liquidity risks in HUI while trying to preserve a fragile narrative of imminent commercial progress. The technical chart and volume behaviour fully align with this pattern.

In short, this is not a story of strength — it is a reactive set of moves consistent with a company under material funding stress. Caution and forensic reading of the facts is strongly advised.

@Mike12345

Mike — a few important points to balance this view, using validated public data:

The £3M "loan" facility collateralised with 50M shares is not the signal of strength it appears. This is a high-risk pledge deal — the CEO’s collateral is dilutive exposure if the stock fails to sustain an artificial uplift. In other words, this is more consistent with a desperate liquidity bridge than "strong conviction." AIM history is full of such deals, which rarely result in sustainable shareholder value.

The need for a placing now despite this loan now raises serious questions. HUI’s last reported cash position was £266k — this is financial fragility. The MENA "contracts" are not contracts at all — the RNS clearly states Heads of Terms only, with zero binding commercial terms and no secured funding. Proceeding with a placing under these conditions suggests a capital emergency, not growing confidence. The engineered spike on the HUI chart aligns with this — it looks like a short-term price action move to support placing momentum.

The Ohrid Organics angle is also a concern. HUI’s Annual Report confirms that repayments from Ohrid are being used to patch cash flow, not to fund growth. This is not a scalable business model — it is a temporary fix for a fragile balance sheet. Meanwhile, the pivot into MENA plasma technology brings its own risks — the InEnTec process is a 20-year-old, high-capex, and not proven to be scalable for distributed hydrogen markets. This is not a credible substitute for the original DMG path.

In short, the CEO loan is a red flag, not a confidence signal. The timing of the placing suggests capital stress, not imminent commercial progress. And the MENA and Ohrid elements are being used to paper over deeper strategic and financial problems. Investors should review the facts carefully and not confuse short-term optics with long-term shareholder value.

Engsolve: The Unsung Hero. Remember Engsolve? Their revenue grew from £800k to £1.38m in a year. This in-house engineering firm is adding cash flow and credibility. Already £1m in contracts for 2025.

Finances: A Dose of Reality

Yes, they reported a loss. But most of that was a goodwill write-down and investment in the Tech Centre. The raise earlier this year (2025) isn’t reflected in the report, but it gives them runway. The Chairman’s line—"Shareholder equity cannot finance capital projects"—while blunt, really just underlines a shift in thinking. PHE isn't looking to lean endlessly on shareholders. The plan now is to attract the right partners—those who see the commercial logic and have the means to fund it. Grants, debt options, offtake-led funding… these are all part of the next act. Shareholder equity got us here; now, others

need to step up to take it forward.

The Mood Music. "The Board expects to see Powerhouse prove its viability in a commercial context in late 2025." Translation? They want to land an actual contract or revenue-generating deal. And they’re signalling it without fanfare. Let’s hope it’s NH2 or Ballymena, but something to add to the projects – but I will take any win, please!

Concerns? Yes. But Perspective, Please.  No signed deals yet? True. But discussions, FEEDs, and demo capability now exist. That’s progress.  Funding? Equity won’t cut it long-term. Debt, grants, or partners must step in. The model is designed to attract third-party capital.  Protos? Killed off with a reason. It was an expensive albatross with no upside.

Final thought…. PHE isn't promising moonshots. It's building a business. Slowly, yes, but with more transparency and logic than we’ve seen in years. For long-hauliers, this is what the turning of the tide looks like: not with a bang, but with a blueprint. Bob Smith.

2024 was about steadying the ship and plotting a more credible course for Powerhouse Energy (PHE). There’s been a quiet shift in tone—less hype, more groundwork. With Paul steering the tech and David keeping an eye on the commercial tiller, there’s now a sense of purpose behind the headlines. It’s early days, but there are clear signs that things are starting to move—momentum is building, and not just in the press releases.

A notable development this year is the full write-down of legacy goodwill from the 2020 Waste2Tricity (W2T) acquisition, most of which was tied to the Protos site.

The decision to let the Protos lease go, while pragmatic, also symbolically closes a chapter that brought early promise but ultimately proved difficult to realise under changing conditions. This isn’t a dig at the W2T vision—many of its ideas laid the foundation for what PHE is now trying to realise. But let’s be honest, Protos was starting to look like that half-built extension your mate promised would be a sunroom. After three winters and a leaking roof, it was time to move on. With the write-down now done, the balance sheet is lighter and the strategy clearer. No more historical hangovers—just forward motion, and as for Peel? Let’s say the only green we’ve seen on that site in the last three years is the grass. Greenwashing doesn’t count as progress.

The Tech Centre & FTU: A Proper Showroom at Last. Bridgend's new Technology Centre (TC) is operational. The Feedstock Testing Unit (FTU)can now convert feedstocks into useful syngas and heat in a controlled environment. This is the shop window for PHE's DMG technology, and open days have been well-received. Investors often ask, "Where's the proof?" Well, here it is, hot and whirring.

NH2 & Ballymena: The Real Contenders. The NH2 project in Australia has reached the FEED stage, with completion due end of June 2025. After that, NH2 takes the wheel—planning, permits, and the all-important funding. In Ballymena, Northern Ireland, progress resumed after some site-related headwinds. Planning apps are prepped, hydrogen oƯ takers in talks, and there's real council backing. Think of Ballymena as Protos' smarter, leaner cousin!

Outtake Agreements: A Glint of Gold. Tucked in the CEO's review, there's mention of oƯtake agreements forming part of the strict project validation criteria. This is a big deal. Securing offtake partners (i.e., someone to buy the output) is a key hurdle in the waste-to-hydrogen game. That PHE is in discussions here is quietly significant.

Three Ways to Monetise.

1. Turnkey mini plants like the FTU – fast revenue, low complexity 2. Licensing & Royalties – the NH2 model, lower risk, recurring income 3. Full Build/Operate/Sell – high stakes, big rewards (e.g. Ballymena). Each model caters to diƯerent clients and risk appetites, de-risking PHE's revenue ambitions.

Continue on the next page.....

@TheOne to quote you

"Appreciate you bringing Bob’s post over here, I saw it on Telegram too and it really is one of the best breakdowns I’ve read in a long time.

It’s a good job we’ve got level-headed voices like you and Bob holding the line on PHE. Posts like his cut through all the BS on the LSE and give real insight into where PHE is actually at.

Massive thanks to Both of you for the time and effort you puts in. It’s not lost on me as an investor, especially at a time when the share price is sitting in what I see as a clear accumulation zone and massive set-up.

We’re lucky to have sharp eyes on this, keep up the good work guys 👍🏻"

It was Bob, as you know, who wrote this excellent piece on PHE. He truly is a wordsmith. Cheers mate.

HUI daily close https://www.tradingview.com/x/LYyURx3W/

HUI daily close https://www.tradingview.com/x/LYyURx3W/

Engsolve: The Unsung Hero. Remember Engsolve? Their revenue grew from £800k to £1.38m in a year. This in-house engineering firm is adding cash flow and credibility. Already £1m in contracts for 2025.

Finances: A Dose of Reality

Yes, they reported a loss. But most of that was a goodwill write-down and investment in the Tech Centre. The raise earlier this year (2025) isn’t reflected in the report, but it gives them runway. The Chairman’s line—"Shareholder equity cannot finance capital projects"—while blunt, really just underlines a shift in thinking. PHE isn't looking to lean endlessly on shareholders. The plan now is to attract the right partners—those who see the commercial logic and have the means to fund it. Grants, debt options, offtake-led funding… these are all part of the next act. Shareholder equity got us here; now, others

need to step up to take it forward.

The Mood Music. "The Board expects to see Powerhouse prove its viability in a commercial context in late 2025." Translation? They want to land an actual contract or revenue-generating deal. And they’re signalling it without fanfare. Let’s hope it’s NH2 or Ballymena, but something to add to the projects – but I will take any win, please!

Concerns? Yes. But Perspective, Please.  No signed deals yet? True. But discussions, FEEDs, and demo capability now exist. That’s progress.  Funding? Equity won’t cut it long-term. Debt, grants, or partners must step in. The model is designed to attract third-party capital.  Protos? Killed off with a reason. It was an expensive albatross with no upside.

Final thought…. PHE isn't promising moonshots. It's building a business. Slowly, yes, but with more transparency and logic than we’ve seen in years. For long-hauliers, this is what the turning of the tide looks like: not with a bang, but with a blueprint.

2024 was about steadying the ship and plotting a more credible course for Powerhouse Energy (PHE). There’s been a quiet shift in tone—less hype, more groundwork. With Paul steering the tech and David keeping an eye on the commercial tiller, there’s now a sense of purpose behind the headlines. It’s early days, but there are clear signs that things are starting to move—momentum is building, and not just in the press releases.

A notable development this year is the full write-down of legacy goodwill from the 2020 Waste2Tricity (W2T) acquisition, most of which was tied to the Protos site.

The decision to let the Protos lease go, while pragmatic, also symbolically closes a chapter that brought early promise but ultimately proved difficult to realise under changing conditions. This isn’t a dig at the W2T vision—many of its ideas laid the foundation for what PHE is now trying to realise. But let’s be honest, Protos was starting to look like that half-built extension your mate promised would be a sunroom. After three winters and a leaking roof, it was time to move on. With the write-down now done, the balance sheet is lighter and the strategy clearer. No more historical hangovers—just forward motion, and as for Peel? Let’s just say the only green we’ve seen on that site in the last three years is the grass. Greenwashing doesn’t count as progress.

The Tech Centre & FTU: A Proper Showroom at Last. Bridgend's new Technology Centre (TC) is operational. The Feedstock Testing Unit (FTU)can now convert feedstocks into useful syngas and heat in a controlled environment. This is the shop window for PHE's DMG technology, and open days have been well-received. Investors often ask, "Where's the proof?" Well, here it is, hot and whirring.

NH2 & Ballymena: The Real Contenders. The NH2 project in Australia has reached the FEED stage, with completion due end of June 2025. After that, NH2 takes the wheel—planning, permits, and the all-important funding. In Ballymena, Northern Ireland, progress resumed after some site-related headwinds. Planning apps are prepped, hydrogen oƯ takers in talks, and there's real council backing. Think of Ballymena as Protos' smarter, leaner cousin!

Outtake Agreements: A Glint of Gold. Tucked in the CEO's review, there's mention of oƯtake agreements forming part of the strict project validation criteria. This is a big deal. Securing offtake partners (i.e.someone to buy the output) is a key hurdle in the waste-to-hydrogen game. That PHE is in discussions here is quietly significant.

Three Ways to Monetise.

1. Turnkey mini plants like the FTU – fast revenue, low complexity 2. Licensing & Royalties – the NH2 model, lower risk, recurring income 3. Full Build/Operate/Sell – high stakes, big rewards (e.g. Ballymena). Each model caters to diƯerent clients and risk appetites, de-risking PHE's revenue ambitions.

Continue on the next page.....

#HUI with today's close https://www.tradingview.com/x/qg3wwvSF/

Corporate Governance Now Very Solid

• For the first time in years: Board stable, no personnel churn.• CFO and CEO called out for excellent execution.• Governance principles (Code of Conduct) are documented clearly and aligned with best practice.

NH2 and Ballymena Projects Are Moving

• NH2 Australia FEED progressing — delivery expected by June 2025.• Ballymena project back on track — planning submission in H2 2025.• Positive discussions with offtakers and funders for Ballymena.• The Thailand project is under active development.

The Strategic Core. PHE is fundamentally a stronger company today than it was 18 months ago — this is a fact. Governance is stabilised.IP protection is enhanced (US/EU patents granted — major long-term value builder).FTU is operational — not a full DMG, but a credible commercial lever and proof point. Engsolve is becoming a true engineering profit centre — £1.38m revenue shows clients trust the company’s capabilities.

Hidden Value Signals: IP moat is real and improving. The market does not yet value this. US patents granted + EU / JP protections → This is critical long-term as hydrogen mandates scale. Plasma gasification (HUI pivot) cannot touch this IP — DMG is the better-aligned solution for EU/UK/AUS waste-to-hydrogen markets.

Engsolve is the most underappreciated asset in the group. It is cash-generative and growing. It enhances group credibility — the market doesn’t yet realise that PHE now delivers “serious” engineering to external clients. With more external contracts, Engsolve could de-risk group cash flows even before DMG royalties land. NH2 / Ballymena paths remain open and progressing.FEED delivery for NH2 is imminent — if this triggers a build phase, it will unlock a licensing trigger. Ballymena is back on the path — H2 2025 planning approval key milestone.

If NH2 or Ballymena trigger actual licensing revenues → this stock will re-rate hard. The IP is now sound. The engineering is proven. The governance is credible. Market cap is compressed well below intrinsic value. Q3–Q4 2025 is key: NH2 FEED delivery due June → decision trigger window ~Q3.

Ballymena planning decision ~H2 2025 → decision trigger window ~Q4. If one or both convert → asymmetric upside.

✅ The company is strategically sounder than in prior years.

✅ IP and engineering assets are now of high quality.

✅ The market is undervaluing PHE due to short-term “show-me” discount and narrative warfare.

✅ Critical execution window is the next 6–9 months.

✅ Engsolve is a hidden jewel that can keep the group stable even if the first licensing is slower than hoped.

✅ Retail fatigue is exploitable by bad actors. Intrinsic value is understood by those who do actual fundamental research.

@WordSpaghetti You read like a ramper.

Clear Business Model Evolution

• PHE is de-risking its strategy by focusing on: Licensing. Royalties. Engineering services. Controlled project development (rather than speculative full ownership builds).• Explicit rejection of high-capex exposure too early (Protos exit is an example).

IP Progress and Strategic Patents

• PHE has granted multiple patents across the UK, Europe, Japan, Hong Kong, and is pending in the US and other key territories. • US patents are particularly valuable given the future hydrogen market potential. • IP position solidifies PHE’s competitive moat — important for licensing/royalty

business model.

Engsolve Performance is Strong and Growing.

• Revenues grew from £0.8m to £1.38m in 2024.• £1m worth of new orders already secured by early 2025.• Engsolve is transitioning from small-scale engineering to complex pilot plant delivery.• Now operates as a highly strategic cash-generating arm inside PHE.

NH2 and Ballymena Projects Are Moving.• NH2 Australia FEED progressing — delivery expected by June 2025.• Ballymena project back on track — planning submission in H2 2025.• Positive discussions with offtakers and funders for Ballymena.• The Thailand project is under active development.

The Strategic Core. PHE is fundamentally a stronger company today than it was 18 months ago — this is a fact. Governance is stabilised.IP protection is enhanced (US/EU patents granted — major long-term value builder).FTU is operational — not a full DMG, but a credible commercial lever and proof point. Engsolve is becoming a true engineering profit centre — £1.38m revenue shows clients trust the company’s capabilities.

Hidden Value Signals: IP moat is real and improving. The market does not yet value this. US patents granted + EU / JP protections → This is critical long-term as hydrogen mandates scale. Plasma gasification (HUI pivot) cannot touch this IP — DMG is the better-aligned solution for EU/UK/AUS waste-to-hydrogen markets.

Engsolve is the most underappreciated asset in the group. It is cash-generative and growing. It enhances group credibility — the market doesn’t yet realise that PHE now delivers “serious” engineering to external clients. With more external contracts, Engsolve could de-risk group cash flows even before DMG royalties land. NH2 / Ballymena paths remain open and progressing.FEED delivery for NH2 is imminent — if this triggers a build phase, it will unlock a licensing trigger. Ballymena is back on the path — H2 2025 planning approval key milestone.

If NH2 or Ballymena trigger actual licensing revenues → this stock will re-rate hard. The IP is now sound. The engineering is proven. The governance is credible. Market cap is compressed well below intrinsic value. Q3–Q4 2025 is key: NH2 FEED delivery due June → decision trigger window ~Q3.

Ballymena planning decision ~H2 2025 → decision trigger window ~Q4. If one or both convert → asymmetric upside.

✅ The company is strategically sounder than in prior years.

✅ IP and engineering assets are now of high quality.

✅ The market is undervaluing PHE due to short-term “show-me” discount and narrative warfare.

✅ Critical execution window is the next 6–9 months.

✅ Engsolve is a hidden jewel that can keep the group stable even if the first licensing is slower than hoped.

✅ Retail fatigue is exploitable by bad actors. Intrinsic value is understood by those who do actual fundamental research.