Business
Interim Results for period to 30 June 2020
Interim Results for period to 30 June 2020.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3691A\n Powerhouse Energy Group PLC\n 29 September 2020\n \n \n \n \n 29th September 2020\n \n \n Powerhouse Energy Group plc\n \n \n (\"Powerhouse\" or the \"Company\")\n \n \n \n \n \n Interim results for the six months ended 30 June 2020\n \n \n \n \n \n Powerhouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres,\n announces its unaudited interim results for the six months ended 30 June 2020. \n \n \n \n \n \n \n H1 2020 Highlights\n \n \n Operational\n \n \n · \n Successful completion of the planning approval process by Cheshire West and Chester council for the Protos Energy Park application of the DMG® technology, Ellesmere Port.\n \n \n · \n Initiation by Peel L&P Environmental (\"Peel\") of the front-end Engineering and Design program (FEED) for the DMG® System at Protos\n \n \n Sales\n \n \n · \n Commercial terms signed for the application of the DMG® technology with Peel whereby Powerhouse will receive an annual license fee of £500,000 for each DMG® plant that Peel develops once commissioned, with engineering fees received during the engineering and execution stage until commissioning.\n \n \n · \n Powerhouse awarded Peel an Option to enter into an exclusive agreement for the development of DMG® Technology in the UK. On exercise of the Option, the Company will be due £500,000 as a one-off fee.\n \n \n Financial\n \n \n · \n First commercial revenues received from engineering services on the Protos project and further agreements signed for engineering services on Peel's Protos project through to completion.\n \n \n · \n The exercise of warrants enhanced cash by circa £292,000 in the half year.\n \n \n Corporate\n \n \n · \n Following the commitment of Peel to the Collaboration Contract, Myles Kitcher - MD of Peel, was appointed to the Board.\n \n \n \n \n \n Post-period Highlights\n \n \n · \n Completion of the Acquisition of Waste2Tricity Limited (\"W2T\").\n \n \n · \n Completion of Peel engineering FEED phase contract for the first DMG® application at Protos Energy Park, Ellesmere Port.\n \n \n · \n £5m fundraise and engagement of cornerstone industrial (Peel Holdings (IOM) Ltd - the holding company of Peel) and financial investors to be used to:\n \n \n o \n support a growth o...