Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company, has seen its Executive Chairman, Tim Yeo, outline his long-term vision for its technology, announce good progress in Poland and welcome a significant new shareholder.
Speaking last week at the Gabelli Environmental Services Symposium, Yeo said the Company’s prospects are very promising.
Last November Powerhouse signed non-binding Heads of Terms with Hydrogen Utopia International Limited (HUI) with a view to granting HUI an exclusive non-transferable licence for the application of its DMG® technology in the country. Yeo said progress in Poland since then has been so satisfactory that the first plants there may be commissioned within a similar time frame to those in the UK.
Revealing Powerhouse’s international ambitions, Yeo said in the light of this encouraging progress the Company intends to examine market conditions in other east and Central European countries later this year.
In his presentation, Yeo said he hopes the project in Poland will be the first of many international projects for Powerhouse Energy. The Company intends to seek partners in other countries to work with, adopting a similar business model to that envisaged with Peel NRE in Britain and HUI in Poland.
However, Yeo stressed that the Company’s immediate priority remains to ensure its first hydrogen facility, based at Peel NRE’s Protos site, meets the target of being commissioned and operational by the end of Q1 2022, one year from now.
Powerhouse shares rose last week after an announcement (19.3.21) that its broker, Turner Pope Investments (TPI) had placed almost 142 million existing shares with institutional investors, including 1798 Volantis Fund, and with high net worth clients of TPI. The sale of these shares by three former shareholders of Waste2Tricity Limited, the company which was acquired by Powerhouse in July 2020, removes a potential share sale overhang and strengthens the Company’s institutional and long-term shareholder base.
Yeo’s presentation outlined the potential for the Company’s technology to reduce the amount of plastic in the world’s oceans and to improve air quality.
Other announcements included confirmation that 77 sites have been identified as potential locations for Powerhouse plants in the UK.
This presentation illustrates Yeo’s long-term vision of a world where Powerhouse technology enables plastic waste to produce clean energy instead of being dumped in the sea and billions of people to enjoy cleaner air and longer healthier lives.
Tim Yeo, Executive Chairman of the Company, said:
“This is an exciting year for Powerhouse Energy as we focus on the Protos build and aim to see good progress of our technology in Poland. As we look ahead to the all-important United Nation’s Climate Change Conference of the Parties (COP26) in Glasgow later this year, we hope Powerhouse technology can be championed as a part of the solution to the world’s environmental challenges.
I am delighted that TPI were able to place these Powerhouse shares with a significant institutional shareholder and a small number of other investors. This materially advances the Board’s strategy of strengthening our long-term investor base.”
Powerhouse Energy Group’s unique technology provides a solution to non-recyclable plastic and produces a clean fuel that can help improve air quality by replacing diesel with hydrogen as a transport fuel.
Powerhouse technology aims to be used at a local level providing a closed loop solution within the community for non-recyclable plastic waste, cleaning up our oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.