Business
Half Year Report
Half Year Report.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n\n6 September 2023\n \nPowerhouse Energy Group plc\n(\"Powerhouse\", \"PHE\", the \"Group\" or the \"Company\")\n \nHalf Year Report\n \n \nPowerhouse Energy Group plc (AIM: PHE), the UK technology company pioneering integrated technology that converts non-recyclable waste into low carbon energy, is pleased to announce its unaudited half year report for the six months ended 30 June 2023.\n \nHighlights\n \n \nManagement and Business Strategy\n \n· Appointment of new Non-Executive Chairman (Antony Gardner-Hillman) and three Non-Executive Directors (David Hitchcock, Tony Gale and Prof. Karol Kacprzak) with Paul Emmitt as Acting Chief Executive Officer.\n· Acquisition of the remaining portion of Engsolve shares (51.61%) to complete the 100% ownership of Engsolve and integration into the Powerhouse Group.\n· Announced new Business Strategy in the Annual Report to develop revenue streams through provision of engineering services and being actively involved in developing capital projects using project finance methodology.\n \nCommercial Development\n \n· Framework Services Agreement signed with Petrofac for provision of engineering services on request.\n· Completed acquisition of 100% of the shareholding in Protos Waste to Hydrogen No1 Ltd, the special purpose vehicle for the Waste to Hydrogen development at Protos. PHE is managing the project and working with Petrofac to finalise details prior to procurement of plant and equipment.\n· Established representation in Northern Ireland with view to developing capital project in Ballymena.\n· Signed heads of agreement on a joint venture with Hydrogen Utopia International plc (LON: HUI) at Longford, replacing project at Lanespark, Tipperary.\n· Progressing prospects in south-east Asia and Australasia.\n \nTechnology and Innovation\n \n· Entered into lease and took possession of self-contained building in Bridgend, Wales for establishment of the Powerhouse Technology Centre, expected to open in Q1 2024.\n· Feedstock Testing Unit in manufacture by Mitchell Dryers t...