POWERHOUSE ENERGY GROUP PLC - Placing of shares

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

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: 

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