Business
Audited results for the year ended 31 December ...
Audited results for the year ended 31 December ....
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nPowerHouse Energy Group plc\n\n(\"PowerHouse\" or the \"Company\")\n\nAudited results for the year ended 31 December 2017\n\nPowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and end-of-life tyres, announces its audited results for the year ended 31 December 2017.\n\nHighlights\n\nFor Year ended 31 December 2017\n\nOperational\n\n\nDMG® process demonstrator re-sited and re-commissioned at Thornton Science Park and initial testing phase successfully completed.\n\nCapture and utilisation of the data from our on-going testing programme to support the initiation of the commercial design.\n\nEngSolve Ltd appointed as principal engineering partner to PowerHouse.\n\n\n\nBoard and management team strengthened and Advisory Panel established to underpin the capability of the proprietary DMG® technology and to drive its commercial exploitation.\n\n\nCommercial\n\n\nProject development agreement signed with Waste2tricity.\n\nFirst operational DMG® site identified at Ellesmere Port with Peel Environmental Ltd.\n\nFunding commitment from a party involved in the development of energy and waste projects to cover cost of planning and environmental permits for first five DMG® systems.\n\n\nFinancial\n\n\n£4.6m raised during the year to repay Hillgrove Convertible Loan Note for a combination of cash and shares and to fund engineering design and company operations.\n\nNet cash balance at end of December 2017 of £750K.\n\n\nPost year end \n\n\nFinal engineering design followed by independent verification of DMG® on track for completion.\n\n\n\nInternational distribution agreement reached with Tresoil Biofuels SRL to provide a solution for hydrogen bus projects in Bulgaria and Romania.\n\nMOU signed with Wrightbus, a leading manufacturer of hydrogen powered buses, to offer a turnkey solution for hydrogen powered buses to local authorities and public transport providers.\n\nElimination of Hillgrove Convertible Loan Note by way of a placing.\n\n£576K raised in oversubscribed placing in April 2018 to support the commercial development of PowerHouse's proprietary DMG® technology platform.\n\n\nCommenting on these results and the outlook for the Company, Keith Allaun, Chief Executive Officer of PowerHouse, said: “2017 was transformative for PowerHouse as we re-sited ou...