Business
Operational update re share price movement
Operational update re share price movement.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n PowerHouse Energy Group plc\n (\"PowerHouse\" or the \"Company\")\n 1st June 2020\n Operational Update in Response to Share Price Movement\n PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic, notes the recent increase in the Company's share price and confirms that it is not aware of any material basis for this rise over and above the Company’s previous announcements.\n In relation to the proposed acquisition of Waste2Tricity Limited (“W2T”), due diligence and legal work is nearing completion and the Company anticipates that the circular in relation to the acquisition will be issued in June.\n The Protos project, the first targeted commercial application of the Company’s waste plastic to hydrogen regeneration technology is proceeding under Peel L&P direction and project updates will be forthcoming regarding ongoing activities. Peel’s project funding exercise for this first development and their proposed pipeline of future projects is running in parallel with, the engineering work. PowerHouse has to date received payments for engineering and consultancy services for the completed stage of the project and expects to receive engineering fees this month for the current stage.\n As announced on 9 March 2020, Peel has signed an Option for UK exclusivity as developer of the Company’s DMG technology, subject to the successful completion of the acquisition of W2T by PowerHouse, and completion of this Exclusivity. Under this arrangement, the Company will licence its technology to the developer in return for the annual licence fee of £500,000 on each commercial project developed.\n It is part of the Company’s strategy to seek similar development partners on a country by country basis.\n Peel is currently selecting the series of projects beyond the initial commercial development from a list of screened sites that it and PowerHouse have assembled. It is anticipated that announcements on the next project in the second half of 2020.\n The Company has and continues to manage outgoings and operating costs within budget and during 2020 project engineering operating costs have been covered by revenues received for engineering services. The Company’s current cash balances are approximately £280,000 and with committed incoming fees, these resources will meet outstanding...