TIDMPHE
RNS Number : 0242P
Powerhouse Energy Group PLC
06 October 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain
6 October 2023
Powerhouse Energy Group Plc
("Powerhouse Energy Group Plc", "PHE" or "the Company")
Powerhouse Technology Centre Project Update
Powerhouse Energy (AIM:PHE), a company pioneering integrated
technology that converts non-recyclable waste into low carbon
energy, provides the following update on its project for the
development of its Technology Centre (the "Centre").
Summary
-- All General building work has now been completed
-- Both the PHE and Engsolve teams will be moving into the Centre this month
-- The Centre will now become the Company's business headquarters and Registered office
-- The Company has been made aware that Mitchell Dryers
(Kingmoor) Limited, one of the Company's suppliers, has ceased
trading
PHE advises that it is making excellent progress in the
development of the Centre in Bridgend South, Wales. All general
building work has now been completed and the teams will be moving
into the centre this month. Powerhouse also announces that the
Centre will become the Company's new registered headquarters. The
Company's registered office will therefore be changing to Unit
3/3A, Garth Drive, Brackla Industrial Estate, Bridgend, CF31
2AQ.
The Company has also been made aware that its equipment supplier
Mitchell Dryers (Kingmoor) Ltd ("MDKL") has ceased trading and on 6
October 2023 is commencing liquidation, which PHE understands is
likely to progress as a creditors' voluntary winding up. MDKL had,
prior to its cessation of trading, under contract with PHE, been
manufacturing the Thermal Combustion Chamber ("TCC") for the
Feedstock Testing Unit ("FTU") being built at the Powerhouse
Technology Centre, as well as being committed to sourcing the
ancillary equipment and completing the installation.
Whilst we are concerned for MDKL and its workforce, the Company
has been working to source an alternative TCC. The Company has
spoken with a number of potential suppliers, all of whom are
capable of delivering a TCC to the Company's requirements, as are
all of the ancillary equipment vendors. It is unclear if the change
of supplier will have any impact on the schedule for installation
and commissioning of the FTU at the Centre. PHE is in direct
contact with MDKL's liquidator.
In parallel to PHE sourcing an alternative TCC, the preparation
of the ancillary processes, safety systems, and civil works that
must be completed for the FTU to be installed, will be undertaken
by the Company's wholly owned subsidiary Engsolve Ltd and is
expected to start immediately. This work will now precede
installation of the TCC and this adjustment to the order of steps
will help with supporting the schedule should an alternative TCC
need to be sourced.
In the meantime, the Company has lodged a claim for the first
payment of GBP193,000 which was made to MDKL. In addition, PHE has
also added a claim for liquidated damages and registered interest
in the purchase of the already completed equipment. The Company is
in possession of the alloy that was bought by its wholly owned
subsidiary Plastics to Hydrogen Number 1 Ltd, for the first
commercial scale of the TCC. This had previously been stored at
MDKL in Carlisle but was moved earlier this year.
Tony Gardner-Hillman, Non-Executive Chairman of PHE,
commented:
"This news is something we take in our stride, and we do not
currently anticipate that it should delay the opening of the
Centre. PHE has yet to decide whether its best course of action is
to take possession of the equipment in the MDKL facility or to go
to another supplier afresh. Relative complexities of negotiations,
costs and timings will be key factors. MDKL is not the only UK
supplier able to provide the TCC and we have rekindled contacts
with others we were speaking to prior to engaging with MDKL."
Paul Emmitt, acting CEO of Powerhouse Energy plc, said:
"We are making positive progress at the Centre and look forward
to our teams moving in shortly. Whilst frustrating, we do not
believe that the TCC and FTU setback is a major concern to PHE and
should not delay the scheduled opening of the Technology Centre. We
have alternative plans in place which we are optimistic will result
in a successful outcome."
END
For more information, contact:
Powerhouse Energy Group plc
Paul Emmitt, Acting CEO via Tavistock
WH Ireland Limited (Nominated Adviser)
James Joyce
James Bavister +44 (0) 207 220 1666
Turner Pope Investments (TPI) Ltd
(Joint Broker)
Andrew Thacker
James Pope +44 (0) 203 657 0050
Tavistock (Financial PR) powerhouse@tavistock.co.uk
Simon Hudson
Nick Elwes
Heather Armstrong
About Powerhouse Energy Group plc
Powerhouse Energy has developed a process technology which can
utilise waste plastic, end-of-life-tyres, and other waste streams
to convert them efficiently and economically into syngas from which
valuable products such as chemical precursors, hydrogen,
electricity, heat and other industrial products may be derived.
Powerhouse Energy's process produces low levels of safe residues
and requires a small operating footprint, making it suitable for
deployment at enterprise and community level.
Powerhouse Energy is quoted on the London Stock Exchange's AIM
Market under the ticker: PHE and is incorporated in England and
Wales.
For more information see www.powerhouseenergy.co.uk
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END
UPDFSIFDMEDSEFS
(END) Dow Jones Newswires
October 06, 2023 09:16 ET (13:16 GMT)
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