PowerHouse Energy Group
plc
("PowerHouse" or the "Company")
27 July 2018
AGM Statement
PowerHouse Energy Group plc (AIM: PHE), the UK technology
company pioneering hydrogen production from waste plastic and used
tyres, is holding its Annual General Meeting (“AGM”) at
11.00am today. The general update to
be provided by the Board at the AGM will include the following
statement:
“As stated in our recent results we are on track with the
engineering design of the DMG® process and can report the latest
performance and modelling data is showing strong results in terms
of the outputs from a variety of feedstocks. The generic Front End
Engineering Design (FEED) Engineering is now complete, allowing
initial safety design reviews and independent third party design
reviews to be initiated on schedule.
“The commercialisation phase is now well underway, further
building on our existing strategic partner relationships, with
encouraging discussions taking place with a number of potential
commercial partners and end users, in the main arising from the
waste management, transport and cement production sectors.
"While our intent was to have our first commercial facility
operational by the end of 2018, lead time delays in material
acquisition and operational financing have now made that unlikely.
It is worth noting that while a portion of the funds raised over
the past 18 months were used to progress the Company’s
test-engineering and operational efforts, the majority of funds
were used to repay the Hillgrove Note - an absolute necessity for
the Company’s future - which created an impediment to the speed of
our commercial engineering efforts.
“We are now focussing on application and site specific financing
packages and permitting for market led applications which will
optimise returns to shareholders and customers alike. The build and
commissioning of the first DMG® system will take, depending on
specific customer requirements, in the order of 12 months to
complete. Consequently, the Board’s revised view is that, dependent
upon acquiring finance for the facility in a timely manner, full
commercial operation should commence in the latter half of
2019.
“We are also actively pursuing a number of grant applications,
which if successful, will result in additional funding during
2019.
“We look forward to positive progress during the rest of the
year and beyond as the commercialisation strategy for our
proprietary DMG® technology platform targets revenues to move
PowerHouse towards becoming a profitable and sustainable business
meeting the ever growing global needs for efficient elimination of
plastic waste and end of use tyres and the production of clean
energy.”
ENDS
For more information, contact:
PowerHouse Energy Group plc
Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive
Officer
WH Ireland Limited (Nominated Adviser)
Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor
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
PowerHouse Energy has developed a proprietary process technology
called DMG® which can use waste plastic end-of-life-tyres and other
waste streams to convert them into cost efficient energy in the
form of electricity and ultra clean hydrogen gas fuel for use in
cars and commercial vehicles (FCEV: Fuel Cell Electric Vehicles)
and other industrial uses. The PowerHouse technology is the world’s
first proven, modular hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate in excess of 1 tonne of
road-fuel quality H2, and in excess of 28MW/h of exportable
electricity.
The PHE 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.
The Company is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net