Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Change of Directorate
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce that, further to the announcement of 26 June 2020 and the completion of the acquisition of Waste2Tricity Limited, the appointment of Tim Yeo as a non-executive director of the Company commences with immediate effect.
Mr Yeo has wide experience in government, serving in the Environment and Health Departments, and subsequently as Shadow Secretary of State for Trade and Industry in the Shadow Cabinet. He is currently the chairman of the New Nuclear Watch Institute, Honorary Ambassador of Foreign Investment Promotion for South Korea and since 2007 has been a non-executive director of Getlink SE, operator of the Channel Tunnel whose market capitalisation on the Paris Bourse exceeds £6 billion.
On joining the Board of Powerhouse Tim Yeo said:
"I am delighted to join the board as this exciting new era in Powerhouse's history begins. Our technology is capable of both producing affordable clean hydrogen and addressing the global problem of plastic waste. It will thereby deliver two important environmental benefits simultaneously.”
“I look forward to working with my new Powerhouse colleagues, and with our partners Peel Environmental, to bring this technology successfully to commercialisation."
Cameron Davies, Chairman of PowerHouse, said:
“On behalf of the Directors I would like to warmly welcome Tim to the Board at a transformational moment for Powerhouse Energy. Tim’s background and experience is strongly aligned with our strategic vision and will undoubtedly be of real value as we see our DMG technology become a first of a kind commercial reality at Protos in Cheshire followed by its broad roll out across the UK and into potential waste plastic to energy markets internationally.”
Further regulatory disclosures:
Other than as disclosed below, there are no further disclosures to be made in accordance with AIM Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies:
Name: Timothy Stephen Kenneth Yeo
Tim Yeo is, or has during the last five years been, a director or partner of the following companies and partnerships:
Anacol Holdings Limited
Rivermill Partners Limited
General Securities Register Limited
New Silk Road Energy Limited
Past Directorships within the last five years
AFC Energy Plc
Education Link Trust
TMO Renewables Limited
TMO Bio Tech Limited
Clean Energy Solutions Africa Limited
Clean Energy Solutions Africa (Holdings) Limited
Mr Yeo was a director of TMO Renewables Limited from 24 November 2010 until 8 February 2017. The company entered administration on 19 December 2013, after which he took no part in its management. It entered creditors' voluntary liquidation on 8 December 2014.
Mr Yeo was a director of ITI Energy Limited from 13 November 2006 until 2 April 2013. The company entered into administration on 14 November 2013 and into creditors’ voluntary liquidation on 29 October 2014.
In 1976 Mr Yeo was a director of London Plastic Packaging Limited, a wholly owned subsidiary of The Talbex Group Limited, a fully listed public company of which he was a director from 1975 to 1978. A receiver was appointed over London Plastic Packaging's assets in 1976.
Mr Yeo holds 9,155,179 Ordinary Shares in the Company which represents 0.26% of its issued share capital. Mr Yeo’s wife, Diane Yeo, holds 62,716,780 Ordinary Shares which represents 1.78% of its issued share capital.
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, unrecycleable plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as hydrogen, chemical precursors, electricity and other industrial products may be derived. The Powerhouse technology is one of the world’s first proven, 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.
The Powerhouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
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