Powerhouse Enrgy Grp AFC Energy order & Issue of Shares
04 Aprile 2014 - 8:00AM
UK Regulatory
TIDMPHE
4 April 2014
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
PowerHouse orders first fuel cell from AFC Energy plc and issue of shares
PowerHouse announces that it has, in a deal brokered by Waste2Tricity Ltd under
the terms of its exclusive licence with AIM-listed AFC Energy plc ("AFC"),
placed an order for one of the first available Beta+ fuel cell test systems,
comprising two sets of fuel cell cartridges, to be produced by AFC. The initial
payment of GBP50,000 has been satisfied by the issue of 2,000,000 new ordinary
shares in the Company, subject to admission to trading on AIM. The fuel cell is
expected to be delivered in December 2014, with the final balance of GBP100,000
due for payment three months after delivery.
The cartridge, within an AFC system, holds the fuel cell stack and allows quick
connection to the hydrogen and other utilities for ease of use. AFC will
deliver, connect and commission the fuel cell system while PowerHouse will
prepare the site and provide the required utilities, including hydrogen based
on AFC's agreed specification. Further cartridges, additional maintenance or
potential increases in capacity will be provided for an additional fee.
During the testing and commissioning of the nominal 5tpd Pyromex gasification
unit, it has been able to demonstrate that it can produce 75 per cent. pure
hydrogen. Following delivery of the fuel cell, work will commence on operating
the Pyromex unit in tandem with the AFC fuel cell system in order to improve
the electrical output per volume of gas. In AFC's experience, the change to a
pure hydrogen stream facilitates the introduction of fuel cells as the energy
conversion device. AFC considers that the benefit to the operator is that the
amount of power produced for a given quantity of feedstock increases by up to
30 per cent.
Application will be made for 2,000,000 new Ordinary Shares to be admitted to
trading on AIM and dealings are expected to commence on 10 April 2014.
Keith Allaun, the Executive Chairman of PowerHouse, stated: "This is an
exciting development for PowerHouse. The combination of these two advanced
technologies has the potential to optimize their environmental advantages and
electrical efficiency and if we are able to make the improvements we expect by
using a fuel cell it could take Waste to Energy to a new level of operation."
Ian Williamson, Chief Executive of AFC Energy, said: "This agreement is a
further step towards our goal for deployment of large scale fuel cell systems
in the waste-to-energy sector. We look forward to working closely with
PowerHouse Energy to develop and improve the efficiencies of generating
electricity from their gasification systems."
John Hall, Managing Director of Waste2Tricity said: "At this exciting stage of
the evaluation process we see real potential from Waste2Tricity's engagement
with Powerhouse Energy and the Pyromex system, adding value for us in the
geographical locations where we own or have the rights of first refusal for the
AFC Energy technology. A successful combination of the technologies would be
especially relevant in more remote areas without an existing distributed
electricity system and so reliant on small scale diesel engines for local power
generation. The PowerHouse systems operate not only on MSW type waste but also
forest waste and other bio-waste materials, so combined with the fuel cell
would offer an effective way of utilising local resources."
For additional information please contact:
PowerHouse Energy Group plc
Keith Allaun - Executive Chairman
Phone: +44 (0)20 7079 4407
Email: inquire@powerhousegroup.co.uk
Sanlam Securities UK Limited (NOMAD and Broker)
David Worlidge/Simon Clements
+44 (0) 20 7628 2200
About PowerHouse Energy Group plc
PowerHouse Energy Group plc is an alternative energy company specialising in
the sale of waste to energy systems. PowerHouse's key advantages centre on its
implementation of proprietary technology and a wealth of industry knowledge.
The Company's technologies enable energy recovery from municipal waste streams
that would otherwise be directed to landfills and incinerators; or from
renewable and alternative fuels such as biomass, lignite (brown coal), tires,
and plastics to create syngas for power generation or reformed into liquid
fuels for transportation. For more information, visit our website at
www.powerhouseenergy.net.
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell
technology to reduce the cost of electricity. Alkaline fuel cells have been
used on US and Russian manned space missions for decades to provide electrical
power and drinking water. By using platinum free, advanced materials, design
tools and manufacturing processes at scale, AFC Energy is developing fuel cells
that will compete with conventional technologies such as turbines for
electrical power generation. Today, AFC Energy is pursuing opportunities in
several sectors where hydrogen is readily available including the chlorine,
clean coal and waste-to-energy industries as well as applications for
distributed/back-up power. For further information, please visit the website:
www.afcenergy.com.
Waste2Tricity Ltd
Waste2tricity is a structured solutions provider for the waste to energy sector
and through its exclusive UK & Thai EfW Licences and rights of first refusal to
AFC Technology will act as a platform developer for projects involving fuel
cells in projects using waste as a feedstock. Its shareholders include
Ervington Investments (UBO Roman Abramovich), Age of Reason Foundation and
Eturab, all of whom are substantial shareholders in AFC Energy and/or Alter NRG
Westinghouse and represent approx. 30% of each company. For more information,
visit Waste2Tricity at www.waste2tricity.com
END
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