Waste gasification specialist Powerhouse Energy PLC (LON:PHE) said it had received its £500,000 payment from investor Yady Worldwide shares issued as part of the company’s £2.5mln fundraiser.
It also said long-term backer Hill Grove Investments will soon receive 280.4mln new shares in the company following the conversion of its loan note into equity.
Both are locked into to holding the stock for the next year.
In an update on the progress of its breakthrough G3-UHt gasification unit, Powerhouse said it is on a freight vessel around a week away from Liverpool.
“It is expected that the G3 will be delivered to the University of Chester, Thornton Science Park, for active demonstrations to begin shortly after the completion of recommissioning and UK certification,” Powerhouse said.