Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81) confirmed it had raised £500,000 through a share placing that's expected to fund planned activities for around the next 12 months.
The AIM-listed waste-to-energy technology company issued 250 million new ordinary shares at 0.2p each, with Turner Pope Investments acting as sole bookrunner and sole broker.
Powerhouse also launched a separate retail offer through the BookBuild platform, giving eligible UK shareholders the chance to subscribe for up to 75 million further shares at the same 0.2p issue price, potentially raising an additional £150,000.
Proceeds from the fundraising are intended to accelerate research and development, including work to demonstrate the flexibility of the company’s DMG process at its Bridgend Technology Centre, as well as progressing Ballymena planning and permitting work, developing a FEED package for EPCm tenders, and supporting working capital.
Chief executive Paul Emmitt said the funds would help Powerhouse “further accelerate the delivery of our key projects” and progress opportunities “to real projects for the company”.