Powerhouse Energy Group PLC (AIM:PHE) has raised £1 million before expenses through a placing at a price of 0.5p per share to bolster its cash reserves and fund a significant proportion of the build and fit-out costs for a new technology centre in Bridgend.
The centre will be a new head office as well as housing a scale version of a feedstock testing unit that will utilise and demonstrate Powerhouse’s proprietary DMG waste-to-energy technology.
Tony Gardner-Hillman, Powerhouse’s non-executive chairman, said: "The ability to raise these funds demonstrates faith in the company's progress and enables us to move forwards with the consolidation of our staff and technology into one location.
“Potential customers, and development and project funding partners, will be able to meet the team and see for themselves the proof of the Powerhouse concept. This is a milestone for the company."