PowerHouse Energy Group PLC (LON:PHE) has announced a new equity issue, raising ££576,276 in capital to support ongoing commercial development of its energy systems.
The company issued 115.2mln new shares through an oversubscribed placing and direct subscription, priced at 0.5p.
WATCH: Cash injection to help PowerHouse Energy advance waste-to-power technology
It will use the funds for the group’s pioneering technology, which is designed to process waste plastics and end-of-life tyres into a source of energy.
“We are delighted with the support from existing and new shareholders,” said Keith Allaun, Powerhouse chief executive.
“The PowerHouse system continues to demonstrate that at commercial scale, our outstanding waste-to-hydrogen technology will be delivering distributed hydrogen in the most ecologically responsible, economically efficient, distributed manner, and position PowerHouse as a key hydrogen player.
Allaun added: “We intend to be one of the lowest cost providers of hydrogen fuel in the world, whilst making a major contribution to reducing the plastic and rubber waste problem - and dramatically reducing air pollution.”
** UPDATED April 23 - to reflect details contained within RNS 'Clarification - Equity Placings'