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Powerhouse Energy confirms no new material developments beyond those previously notified after share price jump

Shares in Powerhouse Energy jumped by around 50% on Tuesday to close at 7.65p, having opened trade at 5.00p

Powerhouse Energy development

Powerhouse Energy Group plc (LON:PHE) said it has noted the recent increase in the company’s share price and confirms that there are no new material developments beyond those previously notified to the market.

The company provided an update on operational developments in an announcement last week.

Shares in Powerhouse Energy jumped by around 50% on Tuesday to close at 7.65p, having opened trade at 5.00p.

READ: Powerhouse Energy partner begins groundworks for first waste-plastic-to-hydrogen plant

On of December 17, 2020, Powerhouse said then that its project partner has begun groundworks and infrastructure preparations for the landmark first DMG waste-plastic-to-hydrogen plant, at the Protos hub in north-west England.

The AIM-listed company has also been busy, having developed a design that will enable the plant to export larger volumes of hydrogen, strengthened its operational team and made progress on procurement and contracts in preparation for subsequent stages of the project’s construction and operation.

As partner Peel L&P Environmental arm begins groundworks and preparation of access roads and areas for other works and utility service installation for the DMG plant at Protos, which is situated near Ellesmere Port in Cheshire, Powerhouse has been on a recruitment drive.

A number of experienced operational and technical staff have been hired in the current quarter, including senior process engineers, application engineers and support staff, who Powerhouse said will be based at the Thornton research and development centre to support further technical advancements, Protos project activities and new business development.

Quick facts: Powerhouse Energy Group PLC

Price: 5.7 GBX

AIM:PHE
Market: AIM
Market Cap: £234.92 m
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