PowerHouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces its unaudited interim results for the six months ended 30 June 2019.
H1 2019 Highlights
Operational
§ Signature of agreement for Peel/W2T to develop a site on Peel’s Protos Energy park in Cheshire as a 35 tonnes per day facility generating electricity and hydrogen.
§ Initiation of engineering and development design on Protos site for planning and permit submission in readiness for next stage of engineering leading to financial close.
§ Engagement in successful community engagement and council briefings for Peel Environmental, Protos’ site owners.
§ The laboratory scale unit became operational and added to Research Demonstrator capability. Company commenced offering third party feedstock testing, laboratory services and consulting services with a short-term plan for operations to become cash positive.
§ Appointment of David Ryan as CEO, providing strong leadership and clear direction for Company to secure sales, provide engineering and delivery and operational services.
Financial
§ Expenditure in R&D now significantly reduced and other costs brought under tighter control
§ Management focussed on project activities associated with first application and other early commercial delivery priorities.
§ Funding engagement for pipeline of projects being led by Peel Environmental and Waste2Tricity (W2T).
§ Company started first paid engineering consultancy work. The revenue is expected to be recognised in forthcoming accounting period.
Post- Period Highlights
§ Signature of collaboration contract with Peel to develop ten further sites.
§ Pipeline of opportunities now being developed to mature second and third project to planning stage.
§ Waste regeneration design capacity at Protos upgraded:
– regenerating 35 tonnes per day of waste plastics
– producing 3.8MWe on site and exporting 3.4MWe; and
– up to 2 tonnes of hydrogen per day, with some reduction in exported power
§ Planning submission completed by Peel for Protos site.
§ Efforts now moving on to identification, planning and permitting for follow on sites
§ In negotiation with overseas entities for exclusive regional representation.
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