PowerHouse Energy Group PLC (LON:PHE) said it has raised £650,000 through a share placing to provide capital to support the continuity and expansion of its commercial and engineering efforts.
The placing of 130mln shares was carried out by Turner Pope Investments, whose clients were looking to take advantage of the EIS tax break the company recently received.
The group has secured a further £50,000 of capital through an exercise of warrants.
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"With this money secured, we are confident that we will be able to achieve our ongoing commercial objectives as well as expand our testing and engineering capability with new personnel and with newly acquired, highly-specialised, equipment," said chief executive Keith Allaun.
"We also intend to further enhance our IP protection related to the DMG® System and EcoSynthesis Gas production."