Powerhouse Energy Group plc
("Powerhouse" or the "Company")
20 November 2020
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces that David Ryan will step down from his full-time role as Chief Executive Officer of the Company on 30 June 2021. Thereafter he will continue to work for Powerhouse as a consultant to help ensure the successful completion and commissioning of our first DMG plant at Protos.
The board will now commence a search process to recruit Mr Ryan's successor.
The board has also accepted Mr Ryan's request to concentrate specifically on the technology, delivering the application on the Protos project and on building Powerhouse's executive management and operating teams. He will therefore relinquish responsibility for PR, IR, stock market relations and for some international business development work.
During the transitional period before a new Chief Executive Officer is in post Tim Yeo, the Company’s Non-Executive Chairman, will be responsible for these functions and will be designated Executive Chairman.
Tim Yeo, Chairman of Powerhouse Energy Group said:
“David Ryan has rendered outstanding service to Powerhouse during his time as Chief Executive and overseen enormous progress for which I am very grateful. The board is very pleased that he will be continuing as a consultant after he steps down as CEO to help us deliver the Protos plant. In addition to driving this project forward David will spend the next seven months building the executive management team which will complete Powerhouse’s transition to a fully operational company. We look forward to welcoming a new Chief Executive Officer in due course.”
David Ryan, Chief Executive Officer, said:
“Powerhouse is at a critical stage of its development, we are a company poised for growth in the next decade. I believe that putting the team in place for that delivery during the project in coming months will have the benefit of providing them with the delivery experiences to guide future decisions. My challenge will be to concentrate on the key issues to deliver an operating process to specification and to nurture a younger team to deliver growth for the next decade.”
For more information, contact:
Powerhouse Energy Group plc
Tel: +44 (0) 203 368 6399
Tim Yeo, Executive Chairman
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
SistersmithPR (Media enquiries)
Becca Smith Mob: +447766522305
Notes for editors:
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 hydrogen 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, Powerhouse 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