Powerhouse Energy Group Plc
("Powerhouse" or the "Company")
Change of Directorate
25 September 2020
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces that after almost three years in the role of Chairman of the Board and a successful fund raise of £5 million, Dr Cameron Davies is handing over the Chair to Tim Yeo, a fellow non-executive director and deputy chair, with immediate effect. Dr Davies will continue to serve shareholders as a non-executive director of the Company.
Tim Yeo, Chairman of Powerhouse, said the following:
"On behalf of the whole Board and all our shareholders I would like to express my warmest thanks to Cameron for his dedication and hard work as Chairman. We are all pleased that we will still have the benefit of his wise counsel as he will continue as a non-executive director.
“I am honoured to be appointed Chairman of Powerhouse as it stands on the threshold of a new era in its history with the initiation of the Protos application of our DMG technology. Our urgent task now is to start building our first commercial scale plant and bring forward the day when the world can benefit from the huge environmental benefits which our technology will deliver."
For more information, contact:
Powerhouse Energy Group plc
Tel: +44 (0) 203 368 6399
David Ryan, Chief Executive Officer
WH Ireland Limited (Nominated Adviser)
Tel: +44 (0) 207 220 1666
James Joyce / Lydia Zychowska
Turner Pope Investments Ltd (Joint Broker)
Tel: +44 (0) 203 657 0050
Andrew Thacker / Zoe Alexander
Ikon Associates (Media enquiries)
Tel: +44 (0) 1483 271291
Mob: +44 (0) 7979 900733
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. Powerhouse’s technology is one of the world's first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality H2, and more than 58MWh of exportable electricity per day.
Powerhouse’s process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, PHE will receive an annual license fee of £500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net
About the Protos project
The first application of the Powerhouse DMG technology is to be built at the Protos Site, a Peel L&P energy park development on a 54-hectare site known as ‘Protos’ near Ellesmere Port, Cheshire, England. The site is the first development by Peel L&P under the Collaboration Agreement.
The planning permission for the application was submitted in September 2019 and, on 3 March 2020, the Cheshire West and Chester planning committee approved the planning application for the DMG Technology to be utilised on the Protos Site.