Last checked at 30 Apr 2015 15:55
30 April 2015
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Company Update
Construction of PHE G3-UHt Unit nears completion
Commissioning of unit to follow final assembly
Strong interest continues in UK and ASEAN Regions
As previously announced, the newly designed and engineered PHE G3-UHt System is in the final phases of construction and assembly. Delivery, acceptance and inspection of all components for the system has been achieved as of 29 April 2015 in Brisbane, Australia. Integration of the feed system and electrical generation units remain to be completed and this is expected to occur by 11 May 2015. This system represents the first of three nominal 1-3 tonne per day mobile units to be deployed across the world.
Commissioning of the integrated system will commence immediately upon completion of final installation and is expected to last no more than 30 days. During commissioning it is anticipated that numerous waste-types, including feed-stock with high-sulfur content, will be utilised to demonstrate electrical generation and the durability of the G3-UHt System. This will prove the value of the system to eliminate residue from the shredding of automobiles as well as used tyres - both of which represent significant environmental concerns today.
PowerHouse continues to receive significant customer interest in the G3-UHt System, particularly throughout Thailand, Indonesia and Australia.
Additionally, as previously announced, the wind-up of the Pyromex companies in Switzerland continues under the supervision of the appropriate authorities. It is anticipated that the process will require several more months to finalise.
Keith Allaun, Executive Chairman of Powerhouse commented "The need for a newly engineered system was obvious. The previous system was unable to withstand the rigors of long-term, commercial generation activities. Transitioning to a robustly engineered, state-of-the-art, modern design should improve efficiency, operational ease and durability, all of which are cornerstones of the G3-UHt System."
For additional information please contact:
PowerHouse Energy Group plc
Keith Allaun +44 (0) 20 7079 4407
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Harriss/David Hart +44 (0) 20 3328 5656