Powerhouse Energy Group PLC (AIM:PHE, ETR:BT81) said it appointed interim non-executive chairman Keith Riley as acting chief executive officer following the resignation of its current CEO Paul Drennan-Durose with effect from 31 August 2022.
Drennan-Durose was appointed CEO of Powerhouse Energy in January this year. The company said it was his personal decision to resign.
It also announced that non-executive director Myles Kitcher will not put himself up for re-election at the next AGM.
However, Powerhouse Energy said it has signed a non-binding term sheet to invest in a 50% shareholding in the Peel NRE Ltd special purpose vehicle (SPV), Protos Plastics-to Hydrogen No 1 Ltd, where it will continue to work with Kitcher on the proposed development of the plastics-to-hydrogen plant to be constructed within Peel's "plastics park" at Protos.
The non-binding deal includes amendments to the current collaboration with Peel to reflect the proposal that Powerhouse will be a joint venture partner in the project. It also proposes to extend the long-stop dates on the Peel Exclusivity Agreement Option from 31 August 2022 to 31 March 2023 and the long-stop date for Peel to exercise the warrants it holds over Power Energy’s shares from 9 September 2022 to 31 March 2023.
In other board changes, Paul Emmitt has been appointed chief operating officer of Powerhouse Energy with immediate effect, stepping up from his role as chief technical officer.
Meanwhile, non-executive director Gill Weeks will not offer herself for re-election at the next AGM for personal reasons.
The company said it will begin the search for a CEO and further non-executives immediately.
Interim chairman Riley commented: "Powerhouse is seeing more changes at board level, but at working level continues to grow in strength, as demonstrated by our announcement on Protos.
“We are sorry to see Paul leave, especially at a time when the non-binding heads of terms with Peel on Protos is a significant step forward both for the company and for the project - which sets out a plan for the proposed implementation of Powerhouse's unique hydrogen generation technology.
“Taking a proposed active role in the project SPV will give the company direct involvement in the management of the project. We look forward to continuing to work with Myles and will be calling on Gill's expertise in the future on environmental and government affairs," Riley added.