PHE Powerhouse Energy Group Plc

 
TIDMPHE 
 
Powerhouse Energy Group plc 
 
                        ("Powerhouse" or the "Company") 
 
12 August 2021 
 
                 Acquisition of 48% stake in Engsolve Limited 
 
Powerhouse Energy Group plc (AIM: PHE), the UK technology company 
commercialising hydrogen production from plastic, announces the acquisition by 
Powerhouse of 48% of the share capital of Engsolve Limited ("Engsolve"), the 
engineering consultancy (the "Acquisition"). The shares have been bought for a 
consideration of £99,990 in cash from Engsolve shareholders. 
 
Reasons for the Acquisition 
 
Paul Emmitt, the Company's Chief Technology Officer, is also the managing 
director and founder of Engsolve. Powerhouse has worked very closely with 
Engsolve and Paul for the last four years. The acquisition is intended to 
maintain Engsolve's continued support of the Company's projects and 
developments and will ensure that Engsolve's expertise remains available to 
Powerhouse in future. 
 
Engsolve is a private company based in Bridgend in Wales. As an engineering 
solutions company, Engsolve has significant experience in undertaking 
engineering design and support, cost estimating and control, project management 
and safety risk assessments across a range of industries including energy from 
waste, renewables and green energy. 
 
It made a profit after tax of approximately £137,000 in the year to 31 March 
2021 on a turnover of approximately £840,000. 
 
Related Party Transaction 
 
Engsolve is owned by its three directors, Pauline McCarthy, Paul Emmitt and 
Richard Riddell. Ms McCarthy is the wife of David Ryan, who was a director of 
Powerhouse within 12 months preceding the Acquisition. Paul Emmitt is the chief 
technical officer of Powerhouse. Ms McCarthy is considered to be a related 
party under the AIM Rules for Companies and the transaction with her is a 
related party transaction under the Aim Rules for Companies. Ms McCarthy is 
selling her entire holding in Engsolve of 35 per cent to Powerhouse. Mr Emmitt 
will retain 50% of the shares in Engsolve pursuant to the Acquisition. 
 
The Directors of the Company, having consulted with WH Ireland, the Company's 
Nominated Adviser, consider the terms of the related party transaction to be 
fair and reasonable insofar as shareholders are concerned. 
 
Tim Yeo, Executive Chairman of Powerhouse, said: "We are delighted to have 
acquired 48% of the share capital of Engsolve, a company Powerhouse has worked 
closely with for four years developing our technology which transforms plastics 
and waste into clean energy. This Acquisition ensures Engsolve's excellent 
expertise remains available to Powerhouse as our technology helps to improve 
the world's environment for future generations". 
 
Paul Emmitt, Managing Director and Founder of Engsolve, said: "Engsolve 
welcomes this partial Acquisition and I am delighted Powerhouse will utilise 
the extensive expertise within Engsolve to aid in accelerating the world's 
clean energy transition and into transforming plastics and waste into clean 
energy". 
 
                                    -ENDS- 
 
For more information, contact: 
 
Powerhouse Energy Group plc              Tel: +44 (0) 203 368 6399 
 
Tim Yeo, Executive Chairman 
 
WH Ireland Limited (Nominated Adviser)   Tel: +44 (0) 207 220 1666 
 
James Joyce/ Lydia Zychowska 
 
Turner Pope Investments (TPI) Ltd (Joint Tel: +44 (0) 203 657 0050 
Broker) 
 
Andrew Thacker / James Pope 
 
SisterSmith PR (media enquiries) 
Becca Smith                              Mob: +44 (0) 7766522305 
 
Notes to Editors: 
 
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. Powerhouse's technology is one of the 
world's first proven, distributed, modular, hydrogen from waste (HfW) process. 
 
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality 
hydrogen and more than 58MWh of exportable electricity per day. 
 
Powerhouse's process produces low levels of safe residues and requires a small 
operating footprint, making it suitable for deployment at enterprise and 
community level. As announced on 11th February 2020 under its Supplemental 
Agreement with Peel Environmental, Powerhouse will receive an annual license 
fee of £500,000 in respect of each project which is commissioned. 
 
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.co.uk 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 12, 2021 02:00 ET (06:00 GMT)

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