Powerhouse Energy Group PLC (LON:PHE) has highlighted a “transformative” six months in the first half of its current years as it achieved first commercial revenues from engineering services on its Protos project.
In its results for the six months ended June 30, the AIM-listed firm, which specialises in waste-plastic-to-energy technology, also said its cash balance has been boosted by around £292,000 in the period by the exercise of warrants.
Commercial terms were signed in the year for the application of Powerhouse's DMG technology whereby it will receive an annual license fee of £500,000 for each DMG plant developed by infrastructure group Peel L&P Environmental at the Protos Energy Park in Ellesmere Port.
Post-period, the company has also completed its acquisition of Waste2Tricity (W2T) as well as a £5mln fundraise to help grow its operational team, support cashflow for project activities and strengthen its balance sheet.
"I am delighted by the progress made by Powerhouse in 2020. In particular investors, including new institutional investors, have shown confidence in the management of the company by backing a £5mln fund raise. Following the successful integration of W2T we are looking forward to completion of the first application of our waste plastic-to-hydrogen technology at Protos, within the North West Hydrogen Hub. Our demonstrably strengthened partnership with Peel will serve as the model for the roll out of DMG technology both here in the UK and worldwide", Powerhouse chairman Tim Yeo said in a statement.
In the figures for the half-year, Powerhouse reported a pre-tax loss of £894,022, slightly wider than the £865,408 a year ago, while the group also reported revenues of £100,000 compared to zero in 2019.
"The first six months of 2020 have been transformative for Powerhouse. The completion of the W2T acquisition enables Powerhouse to move closer to Peel as the UK developer of the DMG process and we share their vision of the Powerhouse technology being at the centre of community based plastic-to-hydrogen facilities”, said chief executive David Ryan.
“With the Protos engineering definition phase completed, Powerhouse will now be able to focus on our priority of completing the financial close of the Protos project and moving into execution of this exciting first application of the technology", he added.