Powerhouse Energy Group PLC (AIM:PHE) said the corporate restructuring it undertook in 2022 will lead to a stronger business heading into the future.
During the year, Powerhouse switched from a model of licensing its technology to third-party developers to fixed annual licence fees.
The company also recently took full control of its flagship Protos plastics to hydrogen facility near Chester, while developing a new demonstration and technology site near Bridgend and boosting its engineering capability with the acquisition of Engsolve.
"The steps taken in 2022 were essential and will lead to an even stronger company in the future than would otherwise have been the case," said Keith Riley, acting chief executive.
"In 2022 we commenced a transition in the company's business strategy that will start to be realised in 2023," he added.
“This will be to recognise market demand and to provide the company with a continuing revenue stream and enable its capital projects to be developed as the necessary elements come into place."
Powerhouse recorded revenues in the year to December 2022 of £380,000 (£701,000), with losses for the year of £46mln (£2mln) after goodwill impairments of around £44.2mln.