Business
Appointment of Chairman and Completion of Fundr...
Appointment of Chairman and Completion of Fundr....
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n24 August 2017\n\nPowerHouse Energy Group plc\n\n(“PowerHouse†or the “Companyâ€)\n\nPowerHouse appoints energy entrepreneur Dr Cameron Davies\n\nas Chairman and completes £1.6 million raise to fund commercial development\n\nPowerHouse Energy Group plc (AIM: PHE), the company focused on ultra high temperature gasification, waste-to-hydrogen, waste-to-energy, and the creator of Distributed Modular Gasification (DMG)©, is pleased to announce the appointment of Dr Cameron Davies as Non-Executive Chairman of the Company and the successful completion of an oversubscribed £1.6 million placing and direct subscription to finance the next phases of engineering and commercial development activities. Keith Allaun, currently Executive Chairman, will transition to CEO to lead the commercial development of the business, and will remain a member of the Board of Directors. It is expected that the transition will occur upon Dr Davies joining the Company on or about 1 October 2017.\n\nDr Davies is a capable business leader who has successfully grown revenues and profits in a quoted alternative energy company. As founder, CEO, and Executive Director of AIM-quoted Alkane Energy plc (now Alkane Energy Limited), he led that company through each phase of its development. He built Alkane from its initial concept to the point of providing over 160MW of connected power generation, and a successful exit for his shareholders - a c. £60 million sale to Balfour Beatty Infrastructure Partners in October 2015. Prior to Alkane Dr Davies led a number of other start-up companies and is currently a Non-executive Director of AIM-quoted Ascent Resources plc.\n\nDr Davies was awarded a PhD in Applied Geochemistry from Imperial College London. Over the course of the past 20 years Dr Davies has evaluated numerous gasification technologies and projects. He is also a Fellow of the Geological Society of London a member of the European Petroleum Negotiators Group, and the Petroleum Exploration Society of Great Britain.\n\nKeith Allaun said: “Over the past 6 months, we conducted an extensive search to ensure that we identified the best possible candidate for the Chairman role. Dr Davies’ background in gasification, his extensive entrepreneurial and public company experience, and his passion for the vision of PowerHouse made him the ideal match at this po...