PowerHouse Energy Group PLC (LON:PHE) has said it saw a transformation in its technical capabilities and an increase in activity in terms of partnership establishment, organisational development and financial restructuring in 2017.
The AIM-listed waste-to-power company said its DMG System and the hydrogen-from-water process is well on its way to becoming a significant part of the hydrogen economy and the distributed electrical grid.
READ: PowerHouse Energy says its DMG System can "reduce the impact of plastics on our oceans"
In January 2017 PowerHouse entered into a 24-month project development relationship with Waste2tricity. The company said the appointment of EngSolve Ltd as principal engineering partner, announced in March 2017, to assist in the re-commissioning of the process demonstrator, has proven to be extremely productive and valuable.
PowerHouse also raised £4.6mln to repay Hillgrove Convertible Loan Note for a combination of cash and shares and to fund engineering design and company operations.
Keith Allaun, chief executive officer of PowerHouse, said: “We are now shifting the balance of our efforts onto the commercialisation path, which we are already actively engaged in and making positive progress, to ensure our technology becomes a profitable and sustainable reality.”
In lunchtime trading, PowerHouse Energy's shares jumped 5.2% to 0.50p.