PowerHouse Energy Group PLC (LON:PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, today announced its audited results for the year ended 31 December 2018.
2018 Highlights
Engineering and Research
· Engineering design of Distributed Modular Generation (DMG) for commercial application completed;
– Completion of all air quality modelling & compliance modelling;
– Extensive testing/trials program to align our engineering models resulting in target output increase;
– Outputs tested and commercialisation demonstrated;
· Upgrade of research demonstrator and acquisition of laboratory equipment to enable paid trials to commence;
· Production of electricity started and exported to the University of Chester microgrid;
· Technical assurance activities leading to an Independent validation of the DMG process by DNV GL;
Business Development
· Engaged waste recycling sector companies and attracted significant attention;
· Developed proposals for UK sites and engaged in customer clarification processes;
Financial
· Three successful equity raises with total gross proceeds in year of £3.6m;
· Funds raised were used for Engineering, Research and Business development activities;
· Settled the Hillgrove convertible loan note;
· Secured acceptance by HMRC for EIS investment status;
Post Year end
· Appointment of David Ryan as CEO;
· Undertook operational review to reduce monthly overhead by over 25% and focus on development programme;
· Announced the future development of the first site by Peel Environmental (“Peel”) and Waste2Tricity (“W2T”) at the Peel Environmental Protos Energy Park in Cheshire;
· Received first revenue contract for supply of engineering services;
· Initiated first paid field trials for customer;
Dr. Cameron Davies, Chairman of Powerhouse Energy PLC, said
“2018 was a breakthrough year for the development of Powerhouse Energy and our Distributed Modular Technology application, our research and engineering design efforts resulted in the finalisation of the commercial design for the DMG process. This design was then independently validated from a safety, technical and operational perspective by internationally recognized risk management company DNV GL.
The interest from potential customers has been overwhelming, culminating in the recent announcement that a customer will install the first DMG process plant at the Protos Energy Park in the coming months. The operation of the DMG on our first sites will be the enabler to allow us to convert our strong proposal pipeline into actual sales for future revenues and ultimate profitability”.
The annual report and accounts for the year ended 31 December 2018 will be sent to shareholders shortly and will be available to view on the Company’s website: www.powerhouseenergy.net
