Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81), which converts non-recyclable waste into low-carbon energy, has closed an oversubscribed retail offer, raising its £250,000 target and extending its cash runway well into the first quarter of 2027.
The retail offer, which closed on 24 April, will result in the issue of 125 million new shares at 0.2 pence each, subject to shareholder approval at a general meeting on 14 May.
Combined with a separate placing announced on 23 April, Powerhouse has raised a total of £650,000, with the placing alone having already provided a cash runway to the end of 2026.
Admission of the new shares to AIM is expected on or around 18 May, assuming shareholders back the required resolution.
Chief executive Paul Emmitt said the board was delighted with the response to the retail offer and recommended that investors vote in favour of the resolutions at the general meeting.
Broker Turner Pope will receive 32.5 million share purchase warrants at an exercise price of 0.2 pence, exercisable over three years from admission.
Powerhouse operates through its revenue-generating engineering consultancy subsidiary Engsolve, and focuses on integrated technology systems that produce low-carbon energy from waste streams that cannot be recycled through conventional means.