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POWERHOUSE ENERGY GROUP PLC - Placing of shares

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Powerhouse Energy Group plc

("Powerhouse" or the "Company")

19 March 2021

Placing of shares with institutional investors and Deed of Variation

Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce that its broker, Turner Pope Investments (TPI) Limited (“TPI”) has placed 141,888,183 existingordinary shares of 0.5p each in the Company at a placing price of 4.8p (the “Placing”) with a number of institutional investors and high net worth clients of TPI. The Placing comprised shares issued by the Company to the vendors of Waste2Tricity Limited (“W2T”) and represent more than half of the W2T consideration shares held outside the Powerhouse Board and the White family concert party.

The Board of Powerhouse believes that the Placing has removed a potential share sale overhang and will strengthen the Company’s institutional and long-term shareholder base, a key part of the Company’s investor relations strategy. Over 75% of the shares comprised in the Placing have been acquired by 1798 Volantis Fund Ltd.

To facilitate the Placing, a deed of variation was entered into on 18 March 2021 by the Company, TPI and the parties to a lock-in agreement entered into in connection with the acquisition of W2T (the “Deed of Variation”). The Deed of Variation permits the locked-in parties listed below to dispose of the shares held by them comprising the Placing prior to the expiry of the lock-in period. Details of the original W2T lock-in agreement were set out in the Company’s circular to shareholders dated 26 June 2020.

The details of the selling locked in parties and the number of Powerhouse ordinary shares sold by them are as follows:

Locked-In Party

Number of Locked-In Shares placed

John Hall

114,046,647

Peter Jones OBE

26,187,583

Paul Heagren

1,653,953

Following the Placing, Tim Yeo, executive chairman of the Company, said

“I am delighted that TPI have been able to place these Powerhouse shares with a significant institutional shareholder and a small number of other investors. This materially advances the Board’s strategy of strengthening our long-term investor base.

It also pre-empts a potential share sale overhang when the hard lock-in period expires in July. All locked-in shareholders were offered the chance to sell and the substantial majority chose not to do so, thereby demonstrating their confidence in the Company’s future prospects.”

-ENDS-

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

SisterSmith PR (media enquiries)
Becca Smith


Mob: +44 (0) 7766522305

Notes for editors:

About Powerhouse Energy Group plc

Powerhouse, the sustainable hydrogen company, 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 GBP500,000 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