Powerhouse Energy Group PLC’s (LON:PHE) executive chairman has outlined his long-term vision for its technology, announced good progress in Poland and welcomed a significant new shareholder.
On Friday, the AIM-listed company’s Turner Pope Investments placed 142mln existing shares with institutional investors, including Janus Henderson-managed 1798 Volantis Fund, and other high-net worth clients.
The sale of these shares by three former shareholders of Waste2Tricity Limited, which was acquired by Powerhouse last July, removes a potential share sale overhang.
Speaking at the Gabelli Environmental Services Symposium last week, Tim Yeo said the company’s prospects are “very promising” and progress in Poland has been so satisfactory that the first plants there may be commissioned within a similar time frame to those in the UK.
Last November, the sustainable hydrogen company signed a preliminary agreement with Hydrogen Utopia International Limited (HUI) with a view to granting HUI an exclusive non-transferable licence for the application of its DMG technology in the country.
Revealing Powerhouse’s international ambitions, Yeo said the company intends to examine market conditions in other east and Central European countries later this year.
He hopes the project in Poland will be the first of many international projects for Powerhouse Energy, where it would adopt a similar business model to that envisaged with Peel NRE in Britain and HUI in Poland.
However, Yeo stressed that the firm’s immediate priority remains to ensure its first hydrogen facility, based at Peel NRE’s Protos site, meets the target of being commissioned and operational by the end of the first quarter in 2022.
The clean energy firm also confirmed that 77 sites have been identified as potential locations for Powerhouse plants in the UK.