PowerHouse Energy Group PLC (LON:PHE), a specialist in turning waste into synthesis gas, said it had recruited a new chairman as well as successfully completing an oversubscribed £1.6mln City fundraiser.
The appointment first: Powerhouse has brought on board Dr Cameron Davies, founder of gas-to-power firm Alkane Energy, which he brought to AIM and then subsequently helped sell to Balfour Beatty Infrastructure Partners for £60mln.
“Over the past six months, we conducted an extensive search to ensure that we identified the best possible candidate for the chairman role. Dr Davies’ background in gasification, his extensive entrepreneurial and public company experience, and his passion for the vision of PowerHouse made him the ideal match at this point in our development,” said Keith Allaun, the current chairman, who will take on the role of chief executive.
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Considerable achievements
“His considerable achievements, both technical and commercial, should inspire the confidence of our shareholders and partners in the direction the company is taking.
“Cameron’s extensive contacts throughout industry and government, both in the UK and internationally, will be of great value to the Company as we begin to accelerate our commercial strategy.”
In the same announcement, PowerHouse said it raised £1.6mln issuing shares at 1p each – an 18% discount to Monday’s closing price. Crucially, the price was at a 20% premium to February’s stock placing, which brought in £2.5mln.
That was used mainly to pay off a £2mln loan note. This latest fundraise “is wholly dedicated to the funding of our accelerating growth”, said Alluan.
The shares, up 160% in the year to date, advanced another 3% to 1.24p.