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 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