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(PHE) Powerhouse Energy Groupl plc Share Chat

Discussion in 'General Share Chat (PHE)' started by Stabilo123, Feb 20, 2016.

  1. Groucho

    Groucho Member

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    23 March 2021

    Progress update

    PowerHouse Energy Group plc (AIM: PHE) ("Powerhouse" or the "Company"), the
    sustainable hydrogen company pioneering hydrogen production from waste plastic,
    announces an update on its progress in the UK and Poland.

    The Company's priority is to ensure the first hydrogen facility using its DMG
    technology, based at Peel NRE's Protos site, meets the target of being
    commissioned and operational by the end of Q1 2022.

    77 sites have been identified as potential locations for Powerhouse plants in
    the UK. The development of the UK pipeline will form the springboard for the
    international expansion of the Powerhouse business model.

    Last November Powerhouse signed non-binding Heads of Terms with Hydrogen Utopia
    International Limited (HUI) with a view to granting HUI an exclusive
    non-transferable licence for the application of its DMG® technology in the
    country. Progress in Poland since then has been so satisfactory and the Company
    believes that, subject to agreeing a binding agreement with HUI, a first plant
    in Poland may be commissioned within a similar timeframe to the one proposed at
    the Protos site.

    The Company also intends to examine market conditions in other east and Central
    European countries later this year. The Company intends to seek partners in
    other geographies to work with, adopting a similar business model to that
    envisaged with Peel NRE in Britain and HUI in Poland.

    Tim Yeo, Executive Chairman of the Company, said:

    "This is an exciting year for Powerhouse Energy as we focus on the Protos build
    and aim to see good progress of our technology in Poland. As we look ahead to
    the all-important United Nation's Climate Change Conference of the Parties
    (COP26) in Glasgow later this year, we hope Powerhouse technology can be
    championed as a part of the solution to the world's environmental challenges.

    As announced on 19 March, I am delighted that TPI were able to place existing
    Powerhouse shares with a significant institutional shareholder and a small
    number of other investors."
     
  2. Groucho

    Groucho Member

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    10th May 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    Powerhouse exclusivity agreement to deploy technology in Greece and Hungary

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company
    commercialising hydrogen production from waste plastic, is pleased to announce
    that it has agreed to enter into non-binding Heads of Terms with Hydrogen
    Utopia International ("HUI") with a view to granting an exclusive
    non-transferable licence for the application of its DMG® technology in Greece
    and Hungary. Under the heads of terms HUI will pay Powerhouse €250,000, of
    which €25,000 is payable immediately with the balance becoming payable when the
    conditions of the heads of terms are satisfied. Powerhouse will continue to
    receive a licence fee for any DMG® plant which becomes operational in any
    location so the Company's worldwide rights to the technology are not affected
    by these heads of terms.

    The use of this technology, which is designed to convert waste plastic into a
    syngas and/or hydrogen, is subject to a formal agreement being reached between
    Powerhouse and HUI.

    Tim Yeo, Executive Chairman of Powerhouse Energy Group, said:

    "Powerhouse is pleased to extend the countries in which it is intended HUI will
    help deploy its DMG® technology to include Greece and Hungary having already
    entered a MOU in relation to Poland. This is part of our long-term vision for
    rolling out sustainable hydrogen technology internationally. We believe this
    will accelerate the clean energy transition in both Hungary and Greece and
    provide those countries with a solution to end-of-life plastic".

    Aleksandra Binkowska, CEO of HUI, said:

    "I am delighted that the alliance between Powerhouse and HUI has become
    stronger. Since our first MOU in November our mutual work has been very
    successful. Now with potentially three territories under our umbrella, I
    believe that this will help speed up the DMG® system rollout. The Polish Centre
    of Hydrogen is still our main target, but we are more than pleased to have new
    opportunities in new markets to target for the proposed expansion of DMG® to
    the mutual benefit of Powerhouse and HUI".

    More information about HUI's plans for the rollout of the technology in Greece
    and Hungary and the partners with whom it will be working with will be
    published in due course.
     
  3. Groucho

    Groucho Member

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    12th May 2021

    Loan Facility to Protos Project SPV

    Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company
    pioneering hydrogen production from waste plastic, is pleased to announce that
    the Company has agreed to enter into a loan agreement to provide up to £3.8
    million to Protos Plastics to Hydrogen No. 1 Limited, the Peel NRE Special
    Purpose Vehicle (the "SPV"). The loan is to progress the development of the
    Protos plant, the first proposed commercial application of Powerhouse's DMG
    waste plastic to hydrogen technology, which it is expected will be licensed to
    the Peel NRE SPV. Peel NRE is a group company of the Peel Group.

    Under the agreement Powerhouse has agreed to provide a loan facility of up to £
    3.8 million. This facility is for the specific purpose of securing long lead
    time items and project design services in respect of the Protos project, prior
    to securing long-term debt funding arrangements to be facilitated via Peel NRE.
    The facility is available for 6 months and drawdown will be in agreement with
    the budgeted Protos development cash flow. It will be repaid following the
    final investment decision or on the second anniversary of the loan, whichever
    is earlier. The loan is set at Bank of England base rate plus 2% per annum and
    will accrue daily. Any drawn down amount is to be secured on all of the issued
    share capital of the SPV, its land lease, the design and any procured assets.

    The loan follows the sanctioning of the project by the Powerhouse Board. It
    will supplement the existing Peel NRE project investment which is to be
    transferred into the SPV. The project will use the proceeds of the loan to
    commit to procurement of the long lead items including the Thermal Conversion
    Chamber, the syngas process module, the compression and power generation
    modules. The procurement packages have followed the Peel commercial review of
    the facility and the design has been refined to optimise the supply, mix and
    use of waste material feedstocks for the site in addition to the provision of
    options for hydrogen export.

    Completion of the Protos plant remains the Company's top priority. The Board
    believes the provision of this loan will protect the project development
    schedule and facilitate the finalisation of the SPV agreements.

    Tim Yeo, Executive Chairman, said:

    "Powerhouse is now putting its money where its mouth is. The joint Peel NRE/
    Powerhouse technical delivery team have done a fantastic job in aligning the
    chosen suppliers to meet the specification for DMG.

    "We are confident that this loan facility has the great benefit of protecting
    the delivery schedule for Protos. The plant is modular and the majority of our
    project fabrication activities are covered in these contracts."

    Myles Kitcher, Non-Executive Director of Powerhouse and director of Peel NRE,
    said:

    "I would like to congratulate the team in aligning the design to meet our
    operational needs. The commitment made by Powerhouse supports the Peel NRE
    expenditure and will cover the project planned budget commitments with
    protections until all financial agreements are in place. Significant progress
    has been made across all aspects of the project since the beginning of the
    year, including site preparation, and we anticipate full construction to
    commence over the coming months."
     
  4. Groucho

    Groucho Member

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    June 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    Second UK site for Powerhouse technology

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company
    commercialising hydrogen production from waste plastic, is pleased to announce
    that Peel NRE, part of Peel L&P, is planning to develop its second waste
    plastic to hydrogen facility, using Powerhouse technology, at the Rothesay Dock
    on the north bank of the River Clyde, West Dunbartonshire.

    The 13,500 tonne facility will be the second in the UK to use pioneering DMG®
    technology developed by Powerhouse Energy Group plc, after plans for a similar
    facility at Peel NRE's Protos site in Cheshire were approved in 2019.

    Tim Yeo, Executive Chairman of Powerhouse Energy Group, said:

    "We are delighted Powerhouse technology is to be deployed in Scotland, helping
    the region improve air quality and provide a solution to end-of-life
    plastic. This new facility will play an important role in supporting the
    objective of both Holyrood and Westminster to make hydrogen a key element of
    Scotland's decarbonisation strategy. We welcome plans to co-locate a
    re-fuelling station at the site which will help increase uptake of hydrogen
    fuel in the region and add to Scotland's growing hydrogen economy. All eyes
    are on Scotland ahead of the important COP26 meeting in Glasgow later this
    year, so we are delighted our pioneering, clean energy technology will help put
    Scotland on the path to net zero".

    Richard Barker, Director at Peel NRE, part of Peel L&P, said:

    "Plastic is often demonised, but we have seen how essential it is in industries
    like healthcare. We do need to recycle as much of this plastic as possible and
    also get as much value from unrecyclable, end-of-life plastic. This facility
    will convert plastic into hydrogen a clean fuel that produces no emissions at
    the point of use, helping to improve local air quality. By co-locating a
    refuelling station, we can help to kick start the infrastructure needed to
    support the rollout of hydrogen vehicles which will be an important part of our
    journey to net zero."

    Decisions about the financing of this second plant will be made after land use
    planning consent has been obtained and closer to the start date for
    construction. Details of this will be announced at that time.
     
  5. Groucho

    Groucho Member

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    3rd June 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    Project Update

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company
    commercialising hydrogen production from non-recyclable waste plastic, is
    pleased to announce that it has ordered the critical key alloy material to be
    used in the manufacture for the DMG Advanced Thermal Conversion Technology
    process. It is to be installed at the first plastic to hydrogen facility which
    will be located at Peel NRE's - part of Peel L&P - strategic energy and
    resource hub Protos in Ellesmere Port.

    The alloy material has been ordered by Protos Plastics to Hydrogen No. 1
    Limited, the Peel NRE Special Purpose Vehicle (the "SPV"). The procurement was
    funded from the recent loan agreement from PHE which is set to provide up to £
    3.8 million to the SPV.

    The alloy material has the necessary high temperature corrosion resistance
    whilst providing the strength and lifetime durability necessary for application
    in the Thermal Conversion Chamber (TCC). The material was selected after four
    years of research by the Powerhouse team our suppliers and material specialist
    consultants.

    With this commencement of the procurement process, the project development
    managers King Associates are also engaging with all the long lead suppliers to
    finalise contracts for other critical components.

    David Ryan, Chief Executive Officer of Powerhouse Energy Group, said:

    "Over four years of the technology development team's work has gone into this
    procurement decision. I would like to thank all involved, including Peel NRE
    for their commitment and I look forward to seeing the material worked into the
    Protos chamber fabrication later in the year."

    Myles Kitcher, Non-Executive Director of Powerhouse and Managing Director of
    Peel NRE, part of Peel L&P, said:

    "The material on order sets the path for delivery of this important project for
    the creation of hydrogen from waste plastic in the UK."
     
  6. Groucho

    Groucho Member

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    11th June 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    SWECO engineering consultancy to support Powerhouse technology in Poland

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce the engineering consultancy, SWECO, has been appointed to prepare concept design and an Environmental Impact Assessment report for the waste-to-hydrogen project in Konin, Poland.

    Hydrogen Utopia International Ltd., through its Polish subsidiary Hydropolis United sp. z o.o, signed an agreement with SWECO on June 9th 2021.

    This appointment follows the non-binding Heads of Terms which Powerhouse Energy Group plc (AIM: PHE), signed with HUI in November last year for the application of its technology in Poland.

    Tim Yeo, Executive Chairman of Powerhouse Energy said: "We are delighted SWECO has been appointed to help rollout Powerhouse Energy technology in the city of Konin, Poland. The rollout in Europe of Powerhouse Energy technology is underway and it will soon be helping Poland on their clean energy transition, helping it meet its net zero targets".

    Dariusz Czerniak, SWECO, Director, Energy Department said: "It is our privilege to work closely with Hydrogen Utopia International on the PHE DMG® system, as it is a novel, 4.0. technology. We believe that the DMG® solution can tackle the global growing plastic waste problem. The DMG® system will also enhance the transition of the hydrogen economy and we are proud to be a part of this exciting future for Poland".

    Aleksandra Binkowska, CEO of Hydrogen Utopia International said: "The DMG® system is a global revolution and it is reassuring to have SWECO on my side to build the first one in Poland. I am sure that this is just the beginning of a long-standing and prosperous alliance between the two Companies. The ultimate goal is to build at least ten systems in Konin in order to create the first Polish Centre of Hydrogen. It was my vision and it is a privilege to turn this vision into reality together with SWECO".

    Earlier this year Powerhouse Energy Group plc (AIM: PHE), also agreed to sign non-binding Heads of Terms with Hydrogen Utopia International ("HUI") with a view to granting an exclusive non-transferable licence for the application of its DMG® technology in Greece and Hungary.
     
  7. Groucho

    Groucho Member

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    25 June 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    Appointment of Chief Technical Officer

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company
    commercialising hydrogen production from non-recyclable waste plastic, is
    pleased to announce that the appointment of Paul Emmitt as Chief Technical
    Officer with immediate effect. This is a new non-board position which has been
    created in anticipation of David Ryan's forthcoming retirement as Chief
    Executive Officer of Powerhouse on 30 June 2021.

    Mr Emmitt is managing director and founder of Engsolve Limited ("Engsolve"),
    the engineering consultancy with whom Powerhouse has worked very closely for
    the last four years. In this capacity he has been deeply involved in the
    development of Powerhouse's technology. Mr Emmitt has considerable knowledge of
    both energy-from-waste technology and markets. He is currently involved in the
    development of a number of EfW projects utilising a range of existing and
    emerging technologies. He has been part of the development of the DMG® process
    from the building and operation of the demonstration unit through to the
    current position.

    Mr Emmitt is a Chartered Materials Engineer and Chartered Environmental
    Engineer with over twenty years engineering and operational management
    experience both in the UK and overseas. He holds an MBA in Engineering
    Management. His experience encompasses work in the oil, gas, energy-from-waste
    and chemical industries as well as periods with major international companies
    at levels from Engineer to Director. In all sectors he has been a designer as
    well as a project and HSE manager.

    Powerhouse will employ Mr Emmitt directly for two days a week, allowing him to
    continue in his present role at Engsolve during the balance of his time. Mr
    Emmitt will take over Mr Ryan's responsibilities for Powerhouse's technology
    development programme, including all its design, research and project technical
    assurance activities. He will also be responsible for the first application of
    the Powerhouse technology at Protos and will work closely with the management
    of Protos Plastics to Hydrogen No. 1 Limited, the SPV which is building the
    first commercial scale DMG plant, to help achieve the timely completion of this
    project.

    Tim Yeo, Executive Chair of Powerhouse, said "I warmly welcome Paul's
    appointment. His close and long-standing involvement with the development of
    our technology makes him the ideal candidate for this important new post which
    has been created to ensure that our technical and engineering team continues to
    have strong leadership after David Ryan steps down from the board. Paul will
    attend Powerhouse board meetings and will bring valuable knowledge and
    experience to our discussions.

    Paul Emmitt said: "I am delighted to be joining the Powerhouse team and am
    thrilled to be able to continue to be part of the development of this unique
    and pioneering technology. I look forward to working with the team to
    facilitate the completion of the first commercial scale DMG® plant which will
    bolster the UK's hydrogen economy."
     
  8. Groucho

    Groucho Member

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    29th June 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    DNV Validation of Enhanced DMG Designs

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company
    commercialising hydrogen production from non-recyclable waste plastic, is
    pleased to announce that DNV, the international gas process design and
    certification consultancy, have completed stage one of the validation of the
    enhanced design to produce 2 tonnes per day of hydrogen.

    The work was based on the recently completed update of the Front-End
    Engineering Design (FEED) for Protos which enhanced production options, allowed
    for variable feedstocks and produced large export packets of hydrogen for use
    by fleet operators.

    The Statement of Feasibility follows detailed evaluation of the Company's
    enhanced process design to deliver 2 tonnes per day of hydrogen including
    features for export of the product and was undertaken against all design
    enhancements enacted over a two-year period and represented in the first
    application at the Protos Energy Park in Elllesmere Port, Cheshire. The DNV
    assessment has removed previous uncertainties regarding operating parameters.

    Following this validation, the DNV assessment team will continue with extensive
    verification of the designs including failure mode and criticality assessments
    which lead to complete technology qualification in accordance
    with DNVGL-SE-0160. DNV and the Company recognise that new sources of
    uncertainty may be discovered as qualification progresses. However, the Company
    is confident that its Technology Development Programme has identified a work
    programme to remove many unknowns through the execution of the Protos
    development and that the likelihood of new sources of risk arising are low. A
    Certificate of Endorsement should be expected in due course later in the year.

    The DNV Statement and report will be used by Peel, their consultants and
    contractors to support finalisation of contracts for the Protos execution. The
    material will also support project development work in Australia and Europe.

    David Ryan, Chief Executive of Powerhouse, said "I thank DNV for their speedy
    work in presenting their report and the operations team led by Dr Physick in
    presenting the operational material necessary to complete this review.

    The delivery of this validation is my last act for Powerhouse. I leave the
    Company, confident that the technology development team led by Paul Emmitt many of
    whom have delivered process plant alongside me for 15 years will deliver DMG
    technology as the reliable cost effective source of hydrogen for road transport
    use in the community."

    Tim Yeo, Executive Chair, said "I welcome this latest DNV validation and thank
    David Ryan warmly for his work in the last four years during which our Company
    has made great progress. David is now going to have a well-earned break but I
    am pleased to say that his advice will be available to us in future as a
    consultant to help ensure the timely completion of our first commercial scale
    plant."
     
  9. Groucho

    Groucho Member

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    30 June 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")


    Final results for the year ended 31 December 2020


    Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from non-recyclable waste plastic, is pleased to announce its audited results for the year ended 31 December 2020.

    HIGHLIGHTS OF 2020
    Commercial Activities
    · Commercial terms signed with Peel NRE under which Powerhouse will receive an annual license fee of £500,000 for each DMG® plant built in the UK;

    · Peel NRE awarded an Option to enter into an exclusive agreement for the development of DMG® Technology in the UK and indicate plans for more than 70 sites UK wide;

    · Acquisition of Waste2Tricity Limited completed;

    · Heads of terms signed for first international application of DMG technology;

    · Post year end award of revised Statement of Feasibility from DVN for the enhanced DMG design.

    Project Progress
    · Planning permission for first DMG application on Protos site granted in March 2020;

    · Completion of the front-end Engineering and Design;

    · Completion of Value Improvement and enhanced export options for Protos to provide commercial flexibility for Peel NRE;

    · Planning commenced for second site in Clydebank, Scotland.

    Financial Performance
    · £5m fundraise and engagement of cornerstone financial and industrial investors;

    · Peel Holdings (IOM) Ltd granted warrants to acquire new shares equating to 10% of the current issued capital of Powerhouse triggered by announcement of the Financial Closing of the Protos Project;

    · Powerhouse secured first payments in year;

    · Post year end fundraise of £10m to protect schedule for Protos and engage in Protos Special Purpose Vehicle.

    Organisation and Growth
    · Reorganisation and strengthening of the Board;

    · Recruitment of operational and technology development team;

    · Establishment of new Board committee - the Environmental Social Governance committee.

    The annual report and accounts for the year ended 31 December 2020 will be sent to shareholders shortly and will be available to view on the Company's website: www.powerhouseenergy.co.uk


    CHAIRMAN'S STATEMENT

    Dear Fellow Shareholder

    I am pleased to report that 2020 was a year of substantial progress and extensive change for Powerhouse Energy Group plc ("Powerhouse"). During 2020 Powerhouse:

    · Prepared to begin construction of our first commercial scale plant

    · Completed the acquisition of Waste2Tricity Limited

    · Signed an Exclusivity Option Agreement with Peel NRE for the rollout of DMG technology in the UK

    · Transformed our financial position and broadened our shareholder base

    · Refined and developed our DMG technology

    · Entered our first overseas market

    · Strengthened our Board and overhauled our corporate governance

    · Expanded our management team

    · Instigated the process of selecting a new Chief Executive Officer to succeed David Ryan


    We have made further significant progress on many of these issues in the early months of 2021.


    Building our first commercial scale plant

    Construction of our first commercial scale DMG plant by Protos Plastics to Hydrogen No. 1 Limited, the Special Purpose Vehicle (the "SPV") owned by Peel NRE (formerly known as Peel Environmental) at the Protos site in Cheshire owned by Peel NRE is Powerhouse's top priority. The successful commissioning and operation of this plant is the step which, when accomplished, opens up a worldwide market for our DMG technology.


    Powerhouse is therefore working very closely with Peel NRE to achieve this outcome as quickly as possible. Even before financial close has been reached, Powerhouse has lent the SPV £3.8 million to ensure that its progress is not impeded by having to wait for items of equipment needed for the DMG plant to be supplied.


    Action to ensure the structured delivery of this first plant is being facilitated by advice from Ian Crockford whose former assignments include responsibility for project delivery at the 2012 Olympic Delivery Authority. Ian started advising both Powerhouse and Peel NRE in April 2021.


    Powerhouse's technical team has supported Peel NRE throughout 2020 and in the current year in preparing for the plant's construction. This support has been extended to the SPV following its establishment.


    The technical team has been led until now by David Ryan in his capacity as Chief Executive. Following David's departure on 30 June 2021 it will be led by Paul Emmitt, our newly appointed Chief Technical Officer, who has been very closely involved in the development of our DMG technology for the last four years as Managing Director of the engineering consultancy Engsolve Limited.


    Acquisition of Waste2Tricity Limited

    The acquisition of Waste2Tricity Limited ("Waste2Tricity") by Powerhouse was successfully completed following the overwhelming shareholder vote to approve this transaction at the General Meeting on 14 July 2020. Detailed information about the terms of this acquisition and about Waste2Tricity was given in the circular sent to all shareholders on 26 June 2020, a copy of which is on our website.


    The activities and assets of Waste2Tricity have now been successfully integrated into Powerhouse. This integration has enabled greater efficiency in the work of Powerhouse to be achieved.


    Since the year end Waste2Tricity has ceased trading and has been wound up.


    Exclusivity Option Agreement with Peel NRE

    On 9 March 2020 Powerhouse announced the signing of a UK Exclusivity Option Agreement with Peel NRE . Under this Agreement Peel NRE can, on payment of £500,000 to Powerhouse, acquire the exclusive rights to develop our DMG technology in the UK. This Agreement was an important step in formalising and strengthening Powerhouse's partnership with Peel NRE. It enables Peel NRE to lead the engagement with potential licensees of our DMG technology and with end customers for UK based DMG plants such as local authorities and waste management companies.


    Powerhouse believes that Peel NRE is the ideal partner to work with to deliver our ambitions for rapid nationwide rollout of DMG plants. Peel NRE has identified the market for more than 70 DMG plants across the UK, and has identified potential sites, a number of which are already in their ownership. For each DMG plant developed in the UK Powerhouse will receive an annual licence fee of £500,000.


    Peel NRE's experience of working within communities and with other businesses will be valuable in identifying and acquiring further sites. Coupled with their record of successfully negotiating land use planning approvals for infrastructure projects, including energy from waste projects, this augurs very well for Powerhouse's growth prospects once it has been shown that DMG technology works at scale.


    A stronger financial position and a broader shareholder base

    At the start of 2020, Powerhouse was still in the weak cash position which had severely constrained its progress for several years. A priority for the Company, following the acquisition of Waste2Tricity and my appointment to the Board in July 2020, was to rectify this.


    In September 2020 Powerhouse raised £5 million before expenses by way of a placing and subscription of 200 million new shares at 2.5 pence per share, five times higher than the share price at the start of the year. Peel Holdings (IoM) Limited ("Peel (IoM)"), the parent company of Peel NRE, subscribed for 40 million of these new shares. Powerhouse's 31 December 2020 balance sheet shows the significant improvement in our financial position which this placing achieved.


    In January 2021 another placing of just over 181 million new shares at 5.5 pence per share raised £10 million before expenses. This further substantially strengthened our financial position.


    Powerhouse's largest shareholder, the White family, maintained their stake of approximately 26% of our equity by subscribing for new shares in both these placings.


    In March 2021, three former Waste2Tricity shareholders were given permission to sell just over 141 million Powerhouse shares which they had received in July 2020 through the acquisition by Powerhouse of Waste2Tricity. On 19 March 2021 Powerhouse announced that more than three quarters of these shares had been bought by 1798 Volantis Fund Ltd, a fund which is managed by Lombard Odier.


    Refining and developing our DMG technology

    More detail of the progress which Powerhouse has made during 2020 in refining our DMG technology is described in the Chief Executive's Review of the Year.


    In the current year Powerhouse expects to provide chargeable engineering services during the construction phase of Protos.


    Our first overseas market agreement

    In November 2020 Powerhouse signed Heads of Terms with a view to granting Hydrogen Utopia International Limited ("HUI") an exclusive non-transferable licence for the application of our DMG technology in Poland. Since the year end HUI has made good progress in finding sites for DMG plants in the city of Konin and in building relationships with central and local government and with potential suppliers and influential partners.


    Recently HUI has also identified opportunities for the deployment of our DMG technology in Greece and Hungary.


    An outstanding board and stronger governance

    During 2020 the Powerhouse Board was enlarged and strengthened by the appointment of new non-executive Directors who have brought a wide range of experience and skills to benefit our Company. Details of all Directors, including those appointed since the start of 2020, are shown in the Directors' Report.


    Powerhouse's longest serving director, Brent Fitzpatrick, stepped down from the Board in August. Since the year end my predecessor as Chairman, Dr Cameron Davies, retired on 31 March 2021. Our CEO, David Ryan announced last November that he wished to stand down as Chief Executive Officer on 30 June 2021.


    Mark Berry has indicated his wish not to stand for re-appointment at the 2021 AGM. Following discussion with the Board James Greenstreet, whose retirement from the board was announced on 16 April 2021, has agreed to remain on the board until the AGM to be held in 2022.

    On behalf of shareholders I should like to express our deep gratitude to these colleagues for their service to Powerhouse over many years. We wish them well in the future.


    Rose Herbert was appointed Company Secretary following Brent Fitzpatrick's resignation. Rose has many years' experience working with AIM quoted companies on transactions and in a company secretarial capacity.

    After becoming Chairman of Powerhouse in September 2020 I led an overhaul of our Corporate Governance procedures. Our Audit and Remuneration Committees now meet on a regular basis and a new Board Committee, the Environmental Social and Governance Committee, was established in December. The responsibilities and work are described in the Reports of these Committees set out in this Annual Report.

    The Board is also taking steps to improve its accountability to our shareholders. In future any director who is over the age of 70 or has been on the board for eight years at the date of the Annual General Meeting will submit themselves for re-election annually, in addition to those Directors retiring by rotation in accordance with our Articles of Association.


    Building our management team

    During 2020 Powerhouse became a fully-fledged operating business.


    David Ryan, Chief Executive is supported by Chris Vanezis, the Company's Chief Financial Officer. Chris is responsible for financial control issues including the production of monthly management accounts and cash flow projections for the Board, the preparation of half yearly and annual accounts, liaison with the Company's auditors and for cash management.

    Dr Andy Physick was appointed as the Process Engineering Team Lead in December 2020 with responsibility for preparing the operating organisation for licensing activities.

    Paul Emmitt has recently been appointed as Chief Technical Officer. This is a new position which has been created in anticipation of David Ryan stepping down as Chief Executive Officer. Paul will fill it on a part time basis, working two days a week for Powerhouse while continuing as Managing Director of Engsolve Limited.

    In recognition of the importance of project delivery to Powerhouse, the Company appointed specialist Project Executive, Ian Crockford. Ian is to direct all aspects of the project establishment and delivery on a consultancy basis. Ian has been advising the Company since April 2021 on project delivery matters.

    The Board has also recently selected a Business Development Executive who will join the team later this summer. His focus will be mainly on international business development while also providing support for Peel in rolling out DMG plants in the UK.


    Selecting our new Chief Executive Officer

    Following the announcement last November of David Ryan's decision to stand down as Chief Executive Officer, the Board instigated the process of recruiting his successor. After considering several search firms the Board appointed Egon Zehnder in May 2021. Their wide experience and international reach was thought to be likely to help identify the best candidates.

    The Board felt that it would be easier to attract top quality candidates to this post if the search process was carried out after greater clarity about the funding of the SPV had been achieved. Now that financial close for the SPV is expected soon Egon Zehnder has started work.

    I expect to be able to announce the choice of Powerhouse's new CEO in due course.


    The future

    This is a very exciting time in Powerhouse's development. A technology which can solve the environmental problem of unrecyclable plastic waste, meet the extremely urgent need for zero carbon energy and extend life expectancy for billions of urban dwellers by improving the air quality in their neighbourhoods has a truly global market.

    The modular design of our DMG plant allows production to be scaled up rapidly once the operation of our first commercial scale plant provides proof of concept. Since most of the capital cost of deploying our technology will be borne by our development partners and by the companies which are licensed to use our DMG technology it will be possible for very rapid growth to take place simultaneously in different markets without having to have recourse to our shareholders for additional cash to fund this expansion.

    The Board expects that 2021 will be another year of substantial progress towards our goal of bringing our DMG technology to full commercial operation in many parts of the world.


    Tim Yeo
    Executive Chairman
    29 June 2021

    Powerhouse Enrgy Grp - Final results for the year ended 31 December 2020 #PHE @PowerHouseEG https://www.voxmarkets.co.uk/rns/announcement/130885d8-9650-4802-a094-05e6aa7729e6 #voxmarkets
     
  10. Groucho

    Groucho Member

    Messages:
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    2nd July 2021

    Powerhouse Energy Group plc

    ("Powerhouse" or the "Company")

    Development Partner Update

    Powerhouse Energy Group plc (AIM: PHE), the UK technology company seeking to
    commercialise hydrogen production from non-recyclable waste plastic, announces
    its partner, Peel NRE, part of Peel L&P, has signed a Letter of Intent to
    supply hydrogen from its planned roll out of plastic to hydrogen facilities to
    Element 2's proposed network of hydrogen refuelling stations.

    Peel NRE is Powerhouse's exclusive development partner for the technology in
    the UK

    Under the terms of the DMG Development UK Exclusivity Option Agreement between
    Peel NRE and Powerhouse (first announced on 9 March 2020), Peel NRE is
    proposing to develop a hydrogen refuelling station which will take hydrogen
    produced by Powerhouse technology, from the consented plastic to hydrogen
    facility at Protos, Cheshire.

    There are also plans to develop a hydrogen refuelling station at Peel NRE's
    planned plastic to hydrogen facility in North Clyde, near Glasgow.

    Whilst the Company is very encouraged by these developments it should be noted
    that there is no guarantee the facilities will be completed and that the
    arrangements remain subject to legally binding agreements

    Tim Yeo, Executive Chair, said: "We welcome Peel's plans to supply hydrogen to
    Element 2 at Protos with the hydrogen being produced by Powerhouse
    technology. This would be a significant step in kickstarting the UK's
    infrastructure for the hydrogen economy, helping accelerate the country's clean
    energy transition".
     

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