Powerhouse Energy Group PLC (AIM:PHE) shares gained nearly 10% on Monday after it announced the mechanical completion of its Feedstock Testing Unit (FTU).
The milestone was achieved on schedule and within budget, the company said.
The FTU will begin its "hot" commissioning and testing phase in January 2025.
Open days are planned for February 2025, allowing stakeholders to observe the technology in action.
"I am extremely pleased that we delivered this highly significant milestone for the company,” chief executive Paul Emmitt said in a statement.
“It is testament to both the PHE and Engsolve staff, their hard work and professionalism, that we have achieved this on schedule and on budget.
“The FTU has been something that I have championed since my involvement with PHE.
“Whilst we have had setbacks with our prior intended kiln manufacturer, we have overcome them to provide something tangible; an innovative facility that will allow us to showcase the DMG technology as well as our technical/engineering expertise as a group as we look to deliver our vision for our shareholders."
Emmitt added: "This year has been an eventful one.
“We have resolved our patent challenge, and had grant of UK, European and Japanese patents, we have signed an agreement with National Hydrogen of Australia and have now delivered mechanical completion of the FTU."
The Powerhouse boss told investors that the firm will enter 2025 in a “stronger more positive position” than it started this year and said he expected the new year will be an exciting one.
"Early 2025 will see us 'hot' commission and test the FTU, whilst opening our doors to showcase our technology to investors as well clients and potential clients.
“We will also deliver the FEED for National Hydrogen, whilst further developing both the PHE and Engsolve offerings. There are also a number of old business opportunities to revisit as well as new ones to pursue for the team.”
In London, the shares advanced 9.49% to trade at 1.18p each.