Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81), the AIM-listed company focused on converting non-recyclable waste into low-carbon energy, is raising at least £500,000 through a placing of new shares at 0.2 pence each to fund research and development and advance its project pipeline.
The placing is being conducted through an accelerated bookbuild run by Turner Pope Investments, with the book expected to close at around 4.30 pm today.
Alongside the institutional placing, the company is offering existing shareholders the opportunity to participate through a retail offering of up to 75 million new shares on the same terms, raising up to a further £150,000.
Proceeds will be directed towards three areas: advancing planning, permitting and front-end engineering design work at the company's Ballymena project in Northern Ireland with a view to reaching a final investment decision; continuing research into alternative fuel outputs from its proprietary DMG waste gasification process; and bolstering working capital to support additional projects, sales activity and senior management hiring.
Powerhouse also operates Engsolve, an engineering consultancy division that generates revenue alongside the group's longer-term waste conversion business.