Shares in Powerhouse Energy Group PLC (LON:PHE) rocketed on Thursday after chairman Keith Allaun announced the firm was “poised to begin its recommencement”.
The waste to energy specialist has been focused on the PHE G-3 UHT gasification system after deciding not to go ahead with the reconstruction of the Eiting plant in Munich.
The firm shifted all its resources from the now-abandoned project to Brisbane, Australia, where it is building the PHE G-3 UHT gasification system.
The firm has been hit by delays in recent months, buy Allaun assured investors the company now has “a fully functional, nominal 2-5 tonne per day (tpd), system”.
“We have a technology that we believe is unparalleled in its capability, its efficiency, its economy, its environmental contribution, and of which we can feel proud,” he added.
Shares jumped more than a third, or 0.175p to 0.7p.
Allaun spoke as the company released full-year figures for 2015, which showed its pre-tax losses narrowed to £781,000 from £2.5mln the year before.
Cash in the company was around £320,000, “representing approximately 17 months of company operations without requiring additional cash,” the company said.
While 2015 was a “year of continued challenge”, Allaun said the start of 2016 has been “an active and tumultuous time”.