PowerHouse Energy Group Plc (LON:PHE) told investors that it has the right strategy to deliver substantive growth over the medium to longer-term, as the company released its half-yearly results statement.
The pre-revenue company reported a £1.16mln loss, including £725,872 of admin expenses and £411,301 of research and development spending. It ended the first half with £252,628 of cash and equivalents.
In terms of operational activity, the company noted that during the first half it completed front-end engineering and design (FEED) for its DMG System to generate hydrogen from waste plastics and used tyres.
It also began the planning and permitting process for a site in Ellesmere Port. The company’s demonstration facility continued to gather important data, the company expanded its commercial and business development capabilities.
And, in the more recent months, it has engaged Element Energy to assist with UK & EU grant funding applications and engaged other third parties to secure further external validation of the company’s technology.
Meanwhile, efforts towards partnerships and commercial level projects continue.
“The commercialisation phase is now well underway and we are making positive progress by taking a customer-led approach, involving a combination of strategic alliances, commercial partnering and working directly with potential customers/licensors of our IP,” the company said.
“Our flexible approach combined with the modular design of our DMG System allows us to tailor our technology to meet the most specific of partner and customer requirements.”
It added: “As we enter the commercialisation phase for our proprietary DMG technology platform, our strategy is to target licensing revenues to move PowerHouse towards becoming a profitable and sustainable business meeting the ever-growing global demand for efficient elimination of unrecyclable plastic waste and end of use tyres, the production of clean energy, and the extraction of other useful resources from waste.”