PHE Powerhouse Energy Group Plc

 
TIDMPHE 
 
Powerhouse Energy Group plc 
 
                        ("Powerhouse" or the "Company") 
 
29 July 2021 
 
                                 AGM statement 
 
Powerhouse Energy Group plc (AIM: PHE), the UK technology company 
commercialising hydrogen production from waste plastic, will be holding its 
Annual General Meeting ("AGM") today at 11.00 a.m. at the offices of Fladgate 
LLP, 16 Great Queen Street, London WC2B 5DG. 
 
Tim Yeo, Executive Chairman, will provide the following update at today's 
meeting: 
 
"I wish to take this opportunity of bringing shareholders up to date with what 
we are doing at Powerhouse. 
 
First and foremost we remain focused on the project that remains our top 
priority - building our first commercial scale plant at Protos. Success with 
this project will open a worldwide market for our clean technology. 
 
This project is being undertaken by Protos Plastics to Hydrogen N0. 1 Limited, 
the special purpose vehicle (SPV) set up for this purpose. Following 
discussions with Peel NRE about funding earlier this year Powerhouse agreed to 
provide the SPV with a short-term loan facility of £3.8 million which was 
announced on 12 May 2021. 
 
This facility ensures that long-lead items of equipment will be available 
timeously to progress the plant. We have already committed to securing orders 
for some specialist materials so meaning that we can secure a short overall 
project delivery period from commencement to completion. The loan facility is 
also enabling early preparatory work to proceed on site. 
 
Since announcing this facility we have continued to work very closely with Peel 
with the aim of reaching financial close on the SPV by 31 October 2021. 
 
In addition, the appointment of Ian Crockford to run the SPV has greatly 
strengthened the management team working on the project. Ian is overseeing the 
procurement and risk management to ensure that there is a robust contracting 
position for this first of a kind (FOAK) project. 
 
FOAK projects, are by their nature, subject to technology risk which can make 
it hard to forecast a completion date until an experienced contractor is 
committed. We are nearing the appointment of a contractor and are therefore 
confident that the steps we have taken in the last few months are consistent 
with a completion date during 2023. We will update shareholders regularly on 
anticipated milestone dates. 
 
Turning to other subjects I am pleased that Peel is progressing land 
use planning matters for the second DMG® plant which will be built in Glasgow 
at the Rothesay Dock on the north bank of the River Clyde, not far from where 
COP26 will take place in November. The location of a hydrogen re-fuelling 
station at this site is a reminder of the potential for DMG® plants to play an 
important role in supplying clean transport fuels in the UK and abroad, thereby 
delivering environmental benefits in the form of lower CO2 emissions and 
improved air quality. 
 
The search for our new CEO is progressing well with the help of Egon Zehnder. 
Myles Kitcher and I are starting to interview candidates next month. 
 
We continue to strengthen our management team. In September a new Business 
Development Executive will join us to help deal with the increasing number of 
inquiries we receive from different parts of the world. 
 
We also continue to support Hydrogen Utopia International in their deployment 
of DMG® technology in Poland, Greece and Hungary. 
 
The board is confident about the outlook for Powerhouse and we look forward to 
updating shareholders later this year when we publish our half year results at 
the end of September." 
 
Myles Kitcher, Managing Director Peel NRE, part of Peel L&P and Non-executive 
Director of Powerhouse, said: "We are in the final stages of securing the 
construction contracts and expect to announce financial close very soon. We 
have commenced the civil engineering works with significant progress in the 
delivery of the new site access and in site preparation." 
 
                                    -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       Tel: +44 (0) 203 657 0050 
(Joint Broker) 
 
Andrew Thacker 
 
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

July 29, 2021 05:59 ET (09:59 GMT)

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