Powerhouse Energy Group PLC (AIM:PHE, ETR:BT81) said it has started to look for a new headquarters as development of the University of Chester's Thornton site means its demonstrator unit will have to be relocated.
As a result, Powerhouse said it intends to consolidate its plans for the Global Technology and Innovation Centre with this relocation and move to a multi-purpose, functional centre to allow for both demonstrations and technology development.
Negotiations are underway over a suitable site, the company said in an update.
Powerhouse noted that it also expects to formalise the share structure of the special purpose company that will develop and own the Plastics-to-Hydrogen project at the Protos Plastics Park later this quarter
Several new appointments to the board are planned with Keith Riley, currently interim chairman and acting CEO, to revert back to purely an executive role.
In the statement, Riley said: ”I look forward to announcing the new additions to the board which we believe will not only significantly strengthen the board but also ensure that the company has the right expertise in place to take the business forward.
“Once in place, with the board's agreement, I propose to step down as interim chairman whilst maintaining an executive position on the board and to see PHE's technology into construction. Securing a fit-for-purpose location where new feedstocks can be properly tested, and our technology developed is vital to the future of the company."
He added: "We have made significant progress on Protos in recent weeks, but there is still a lot of work to do. Other than finalising the detail of the facility construction with the contractor, the technical definition of the Plastics-to-Hydrogen facility is complete.
“We will now be focusing on the more commercial aspects and seeking to secure the revenue streams for the project once it is developed.”