24 August
2017
PowerHouse Energy
Group plc
(“PowerHouse” or
the “Company”)
PowerHouse
appoints energy entrepreneur Dr Cameron
Davies
as Chairman and
completes £1.6 million raise to fund commercial development
PowerHouse Energy Group plc (AIM: PHE), the company focused on
ultra high temperature gasification, waste-to-hydrogen,
waste-to-energy, and the creator of Distributed Modular
Gasification (DMG)©, is pleased to announce the
appointment of Dr Cameron Davies as
Non-Executive Chairman of the Company and the successful completion
of an oversubscribed £1.6 million placing and direct subscription
to finance the next phases of engineering and commercial
development activities. Keith
Allaun, currently Executive Chairman, will transition to CEO
to lead the commercial development of the business, and will remain
a member of the Board of Directors. It is expected that the
transition will occur upon Dr Davies joining the Company on or
about 1 October 2017.
Dr Davies is a capable business leader who has successfully
grown revenues and profits in a quoted alternative energy company.
As founder, CEO, and Executive Director of AIM-quoted Alkane Energy
plc (now Alkane Energy Limited), he led that company through each
phase of its development. He built Alkane from its initial concept
to the point of providing over 160MW of connected power generation,
and a successful exit for his shareholders - a c. £60 million sale
to Balfour Beatty Infrastructure Partners in October 2015. Prior to Alkane Dr Davies led a
number of other start-up companies and is currently a Non-executive
Director of AIM-quoted Ascent Resources plc.
Dr Davies was awarded a PhD in Applied Geochemistry from
Imperial College London. Over the course of the past 20 years Dr
Davies has evaluated numerous gasification technologies and
projects. He is also a Fellow of the Geological Society of
London a member of the European
Petroleum Negotiators Group, and the Petroleum Exploration Society
of Great Britain.
Keith Allaun said: “Over the past
6 months, we conducted an extensive search to ensure that we
identified the best possible candidate for the Chairman role. Dr
Davies’ background in gasification, his extensive entrepreneurial
and public company experience, and his passion for the vision of
PowerHouse made him the ideal match at this point in our
development. His considerable achievements, both technical and
commercial, should inspire the confidence of our Shareholders and
partners in the direction the Company is taking. Cameron’s
extensive contacts throughout industry and government, both in the
UK and internationally, will be of great value to the Company as we
begin to accelerate our commercial strategy.”
Dr Davies said: “I am pleased and excited to be joining
PowerHouse at this crucial juncture. I’ve been following the
Company with keen interest for over a year and am impressed by the
progress that Keith and his team have made in positioning the
Company for its next phase of growth. PowerHouse is well advanced
in its plan to produce low-cost hydrogen for road-fuel use while
addressing the growing issues of landfill diversion and waste
eradication. I am looking forward to helping the Company accelerate
its commercial strategy, develop the business operationally, and
expand an already excellent team.”
PowerHouse also announces it has completed a fundraising of £1.6
million, through the issue of 160,000,000 new Ordinary Shares of
0.5p per share (“Shares”). The fundraise was completed at a price
of 1p per Share representing an 18% discount to the closing price
at 21 August. The placement price was a greater than 20% premium
over the Company’s last placement in February 2017. The proceeds of the fundraising
will be used primarily to accelerate the engineering of the
commercial platform for Distributed Modular Gasification.
Additionally, the proceeds will help fund expansion of the team and
continued research and testing of the processes.
Mr. Allaun added: “The previous £2.5 million placing announced
on 15 February of this year was largely to eliminate the
long-standing convertible loan note, with £2 million of those
proceeds used for that purpose. This placement is wholly dedicated
to the funding of our accelerating growth.”
The fundraising has been managed by Turner Pope, Joint Broker.
Application has been made to the London Stock Exchange for
admission of the 160,000,000 new Shares to trading on AIM
(“Admission”). It is expected that Admission will take place on or
around 30 August 2017 and that
dealings in the new Ordinary Shares on AIM will commence at the
same time. The new Ordinary Shares rank pari passu in all respects
with the existing Ordinary Shares in issue.
On Admission, the Company's issued share capital will consist of
1,123,608,856 Ordinary Shares. PowerHouse has no shares in
Treasury, therefore this figure may be used by Shareholders, from
Admission, as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
The additional funds raised in the placing will contribute to
the operating capital of the Company.
The following information is disclosed in accordance with
Schedule 2 paragraph (G) of the AIM Rules for Companies:
Dr William Cameron Davies, aged
74, has been a director or partner of the following companies
during the five years preceding the date of this announcement:
Current |
Within the past 5 years |
Ascent Resources
PLC |
Alkane Energy Limited
(formerly Alkane Energy plc) |
|
Cameron Energy Advisors Limited |
|
Association of Coal Mine Methane
Operators (ACMMO) |
There are no further disclosures required in relation to Rule 17
or paragraph (G) of Schedule 2 of the AIM Rules for Companies.
For more information, contact:
PowerHouse Energy Group plc
Keith Allaun, Executive
Chairman |
Tel: +44 (0) 203 368
6399 |
|
|
WH Ireland Limited (Nominated
Adviser) |
|
James Joyce / James
Bavister |
Tel: +44 (0) 207 220
1666 |
|
|
Turner Pope Investments Ltd (Joint
Broker) |
|
Ben Turner / James Pope |
Tel: +44 (0) 203 621 4120 |
|
|
Smaller Company Capital Limited
(Joint Broker) |
|
Jeremy
Woodgate |
Tel: +44 (0) 203 651
2910 |
|
|
Allerton Communications (Media
Relations) |
|
Peter Curtain |
Tel: +44 (0) 203 137
2500 |
peter.curtain@allertoncomms.co.uk |
|
About PowerHouse Energy
PowerHouse Energy Group plc is the developer of the G3-UHt Ultra
High Temperature Gasification Waste-to-Energy unit, and the creator
of Distributed Modular Gasification© which allows for
the elimination of waste, the generation of distributed
electricity, and the production of distributed hydrogen.
The Company is focused on technologies to enable projects for
energy recovery from municipal and industrial waste streams that
would otherwise be directed to landfills and incinerators; or from
renewable and alternative fuels such as biomass, tyres, and
plastics to create syngas for power generation, or high-quality
hydrogen for transportation.
Distributed Modular Gasification© allows for easy,
economical, deployment and scaling of an environmentally sound
solution to the growing challenges of waste elimination,
electricity demand, and distributed hydrogen production.
Distributed Modular Gasification and DMG are copyrights of
PowerHouse Energy Group plc.
PowerHouse is quoted on the London Stock Exchange's AIM Market.
The Company is incorporated in the United
Kingdom.
For more information see www.powerhouseenenergy.net. PowerHouse
may also be followed on Vox Markets at
www.voxmarkets.co.uk/company/PHE.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.