PHE Powerhouse Energy Group Plc

 
TIDMPHE 
 
Powerhouse Energy Group plc 
 
                        ("Powerhouse" or the "Company") 
 
20 August 2021 
 
                             Change of Directorate 
 
Powerhouse Energy Group plc (AIM: PHE), the UK technology company 
commercialising hydrogen production from plastic, regrets to announce that Tim 
Yeo has informed the board that he wishes to step down as Executive Chairman of 
the Company for personal reasons with immediate effect. It has been agreed that 
he will remain as a consultant to Powerhouse for a period of 12 months. 
 
This will enable an orderly handover of Tim's responsibilities, including the 
recruitment process for Powerhouse's new CEO which he and Myles Kitcher are 
leading, to take place. A separate announcement will be made in due course 
about the appointment of the CEO. 
 
James Greenstreet will take over from Tim as Chairman. James has been a 
non-executive director of Powerhouse since 2011 and is a founder of aircraft 
lessor, Falko Regional Aircraft. He also sits on the board of regional 
airline, CityJet DAC and Electric Aviation Group Ltd an early-stage company 
developing hydrogen electric commercial aircraft. 
 
As part of the termination of his existing contract as Executive Chairman the 
board has agreed in a settlement payment of £35,500. The Consultancy agreement 
provides for a monthly fee of £6,000 per month. The settlement payment and the 
Consultancy agreement are related party transactions under the AIM Rules for 
Companies. The Directors consider, having consulted with WH Ireland Limited, 
that the terms of the transactions are fair and reasonable insofar as 
shareholders are concerned. 
 
Tim Yeo said "It has been an honour to lead Powerhouse through an important 
phase of its development. Under my chairmanship Powerhouse's management and 
finances have been substantially strengthened and the SPV which is building our 
first commercial scale plant has been placed on a firm footing. 
 
The arrival of our new CEO will ensure this progress continues. Now is 
therefore the right time for a younger chairman to take over the reins. I am 
confident that Powerhouse's technology will soon be successfully proved and 
widely deployed in the UK and abroad for the benefit of the global environment. 
 
I intend to remain a shareholder and wish James Greenstreet and all my 
colleagues well in taking Powerhouse forward to the next stage of its 
development." 
 
James Greenstreet said "On behalf of the whole board and our shareholders I 
thank Tim warmly for his tireless work for Powerhouse over the last fourteen 
months. Under his chairmanship the Company has made considerable progress and 
the foundations of a truly sustainable and prosperous future have been laid. We 
are very pleased he will act as a consultant to Powerhouse." 
 
                                    -ENDS- 
 
For more information, contact: 
 
Powerhouse Energy Group plc              Tel: +44 (0) 203 368 6399 
 
James Greenstreet, Non-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 20, 2021 10:11 ET (14:11 GMT)

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