Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81) (AIM:PHE) has acquired 48% of Engsolve, an engineering consultancy, for £99,990 in cash.
The waste-to-energy firm’s chief technology officer, Paul Emmitt, is also the managing director and founder of Engsolve.
The acquisition is intended to maintain Engsolve’s continued support of the company’s projects and developments and will ensure that Engsolve’s expertise remains available to Powerhouse in future.
Engsolve made a profit after tax of around £137,000 in the year to 31 March 2021 on a turnover of roughly £840,000.
“We are delighted to have acquired 48% of the share capital of Engsolve, a company Powerhouse has worked closely with for four years developing our technology which transforms plastics and waste into clean energy. This acquisition ensures Engsolve’s excellent expertise remains available to Powerhouse as our technology helps to improve the world’s environment for future generations,” said Tim Yeo, the executive chairman of Powerhouse.
Shares in Powerhouse were up 12% at 4.1p.