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 Broker) |
Tel: +44 (0) 203 657 0050 |
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