Last checked at 30 Sep 2020 11:00
POWERHOUSE ENERGY GROUP PLC - AGM StatementPOWERHOUSE ENERGY GROUP PLC - AGM Statement
PR Newswire
London, September 30
30 September 2020
Powerhouse Energy Group plc(“Powerhouse” or the “Company”)
AGM statement
Powerhouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic, will hold its Annual General Meeting (AGM) at 11.30am today. At the meeting, Tim Yeo, Chairman, will make the following statement:
“In the past year Powerhouse has been transformed. The recent successful fundraise has given us a strong financial base for building our first commercial scale plant at Protos under the wing of our UK development partner Peel.
Once construction at Protos begins we will intensify our engagement with international partners to help us deliver DMG technology in overseas markets. Many countries face an urgent and growing problem of plastic waste. Demand for distributed sources of hydrogen and electricity is increasing. Powerhouse has the answer to all these needs.
Today we are delighted to welcome our new director, Kirsty Gogan. Kirsty is managing partner of LucidCatalyst and was Co-founder of Energy for Humanity, organisations which are both focused on decarbonisation of the energy industry. Her experience, skills and reputation will greatly strengthen our communications with governments, regulators and consumers both in the UK and abroad.
I am also pleased to report that Peel is expected to soon announce the next two sites for which planning applications will be submitted for the construction of the second and third DMG plants in the UK. Coupled with Peel's £1 million investment in Powerhouse, this is a clear sign of confidence in our future.
I have campaigned for greater protection of the environment on land and sea and for a faster switch to a low carbon economy ever since I served three decades ago as an environment minister. I am therefore excited and extremely enthusiastic about my new role as your Chairman.
I am confident that Powerhouse’s prospects have never been better. With the help of our executive team under David Ryan and our strengthened board of directors I will do all I can to ensure that, while placing sustainability at the heart of everything we do, we deliver a highly profitable business for the benefit of all shareholders.”
A strategic and operational update presentation and a shareholder questions and answers session will be available to view on the Company’s website at www.powerhouseenergy.net after the AGM.
For more information, contact:
| Powerhouse Energy Group plc | Tel: +44 (0) 203 368 6399 |
| David Ryan, Chief Executive Officer | |
| WH Ireland Limited (Nominated Adviser) | Tel: +44 (0) 207 220 1666 |
| James Joyce/Lydia Zychowska | |
| Turner Pope Investments Ltd (Joint Broker) | Tel: +44 (0) 203 657 0050 |
| Andrew Thacker/Zoe Alexander | |
| Ikon Associates (Media enquiries) | Tel: +44 (0) 1483 271291 |
| Adrian Shaw | Mob: +44 (0) 7979 900733 |
Notes for editors:
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. Powerhouse’s technology is one of the world's first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality hydrogen and more than 58MWh of exportable electricity per day.
Powerhouse’s process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, Powerhouse will receive an annual license fee of £500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net
About the Protos project
The first application of the Powerhouse DMG® technology is to be built at the Protos Site, a Peel L&P energy park development on a 54-hectare site known as ‘Protos’ near Ellesmere Port, Cheshire, England. The site is the first development by Peel L&P under the Collaboration Agreement.
The planning permission for the application was submitted in September 2019 and, on 3 March 2020, the Cheshire West and Chester planning committee approved the planning application for the DMG® Technology to be utilised on the Protos Site.