Last checked at 23 Dec 2019 07:00
POWERHOUSE ENERGY GROUP PLC - PowerHouse in Negotiations to Acquire W2T LimitedPOWERHOUSE ENERGY GROUP PLC - PowerHouse in Negotiations to Acquire W2T Limited
PR Newswire
London, December 22
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
23rd December 2019
PowerHouse in Negotiations to Acquire Waste2Tricity Limited
PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic, is pleased to announce that it is in advanced negotiations to aquire its development partner Waste2Tricity Limited (“W2T”).
The Company has entered into a heads of terms with a view to finalising a formal sale and purchase agreement in Q1 2020. The acquisition would be in the form of a non-cash transaction using PowerHouse shares to acquire the whole of the issued share capital of W2T, at a ratio of 60% PowerHouse to 40% W2T, with 87.5% of the Powerhouse shares issued in exchange for W2T shares being locked into a no-sale agreement for a minimum of a year, and orderly market arrangements for a further year. The agreement will be subject to shareholder and regulatory approval.
The directors of PowerHouse believe that the post-acquisition enlarged company will be better understood by its customers and investors, with rights to markets and developments in-house, and will be able to present a clear and unambiguous message about its innovative British technology which provides a solution to the increasing problem of unrecyclable waste plastic.
These negotiations are progressing well and are now subject to final documentation. A further announcement will be made in due course as appropriate.
For more information, contact:
| PowerHouse Energy Group plc | Tel: +44 (0) 203 368 6399 |
| Dr. Cameron Davies, Chairman | |
| WH Ireland Limited (Nominated Adviser) | Tel: +44 (0) 207 220 1666 |
| James Joyce / Chris Savidge | |
| Turner Pope Investments Ltd (Joint Broker) | Tel: +44 (0) 203 621 4120 |
| Ben Turner / James Pope | |
| Ikon Associates (Media enquiries) | Tel: +44 (0) 1483 271291 |
| Adrian Shaw | Mob: +44 (0) 7979 900733 |
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. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate up to 2 tonnes of road-fuel quality H2, and more than 58MW/h of exportable electricity per day.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
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 Waste2Tricity Limited
Waste2Tricity is a structured solutions provider to the energy-from-waste (EfW) sector, an industry supplying increasing amounts of electricity using feedstock diverted from landfill.
Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that use proven technology, are profitable and progressive; projects that currently use high temperature gasification and either steam cycle or internal combustion engines/gas turbines (ICEs/GTs) to efficiently convert waste to energy.
For more information see www.waste2tricity.com