Waste-to-energy firm Powerhouse Energy Group PLC (LON:PHE) surged higher after it revealed a demonstration gasification system is on its way from down under.
Its G3-UHt Ultra-high temperature demonstration gasification system has left the harbour in Brisbane, Australia, and should be docking in Blighty in about 50 days’ time.
The company said it continues its discussions with a number of interested commercial parties for the siting of the G3 Demonstration Unit.
It is looking for a location that could be used as a commercial site.
“Given our recent announcement to co-develop projects with Waste2tricity Ltd (W2T), we took the decision to ship the G3 at the earliest opportunity. W2T are in negotiations, on our behalf, for an advantageous site for the G3 Demonstration Unit, as well as a potential development site for our first commercial operation,” said Keith Allaun, executive chairman of Powerhouse.
“The UK is key to PowerHouse and is where we intend to manage the company’s operations. It is therefore commercially practical to cultivate relationships with the domestic engineering and waste community. We believe that having the G3 available for hands-on demonstration and local testing will facilitate commercial interest and broaden opportunities for the company more rapidly,” Allaun added.
Shares were up 11.3% at 1.06p in lunchtime trading.