Powerhouse Energy Group PLC (AIM:PHE) (PHE) said it has completed the acquisition of the remaining shares in green engineering company Engsolve that it did not already own for £0.57mln in cash.
The company has been working with the Bridgend-based firm on its plastics-to-hydrogen projects at the Protos site near Chester as well as more recent prospective projects.
After the AIM-listed company initially bought a 48% stake in August 2021, acquiring the remaining share capital “consolidates Engsolve's position within PHE and will provide the company with a secure engineering resource that will enhance the company's capabilities and business for the future," said Powerhouse chairman Tony Garner-Hillman.
It was noted that Engsolve, which made a profit of just over £195,000 in the year to March, has experience in engineering design and support, cost estimating and control, project management and safety risk assessments across a range of industries including energy from waste, renewables and green energy.
Powerhouse said having the in-house engineering capability will also permit it to develop new revenue streams.
Keith Riley, Powerhouse’s acting chief executive, said the integration of Engsolve could be "critical for the company as it will give us a base on which to grow the engineering services arm of the company as well as strengthening the engineering support of our capital-intensive projects. This is the start of a new era for PHE."
Engsolve's remaining shares were owned by its two directors, Paul Emmitt and Richard Riddell, the former being Powerhouse’s chief operating officer. As this is a related party under the AIM rules, the company said its independent board directors consulted with nominated adviser WH Ireland on the terms of the deal.