– UK, Bingley – PowerHouse Energy Group plc (AIM: PHE), the company focused on ultra high temperature gasification, waste-to-hydrogen, waste-to-energy, and the creator of Distributed Modular Gasification (DMG)©, is pleased to announce the appointment of Dr Cameron Davies as Non-Executive Chairman of the Company and the successful completion of an oversubscribed £1.6 million placing and direct subscription to finance the next phases of engineering and commercial development activities. Keith Allaun, currently Executive Chairman, will transition to CEO to lead the commercial development of the business, and will remain a member of the Board of Directors. It is expected that the transition will occur upon Dr Davies joining the Company on or about 1 October 2017.
Dr Davies is a capable business leader who has successfully grown revenues and profits in a quoted alternative energy company. As founder, CEO, and Executive Director of AIM-quoted Alkane Energy plc (now Alkane Energy Limited), he led that company through each phase of its development. He built Alkane from its initial concept to the point of providing over 160MW of connected power generation, and a successful exit for his shareholders – a c. £60 million sale to Balfour Beatty Infrastructure Partners in October 2015. Prior to Alkane Dr Davies led a number of other start-up companies and is currently a Non-executive Director of AIM-quoted Ascent Resources plc.
Dr Davies was awarded a PhD in Applied Geochemistry from Imperial College London. Over the course of the past 20 years Dr Davies has evaluated numerous gasification technologies and projects. He is also a Fellow of the Geological Society of London a member of the European Petroleum Negotiators Group, and the Petroleum Exploration Society of Great Britain.
Keith Allaun said: “Over the past 6 months, we conducted an extensive search to ensure that we identified the best possible candidate for the Chairman role. Dr Davies’ background in gasification, his extensive entrepreneurial and public company experience, and his passion for the vision of PowerHouse made him the ideal match at this point in our development. His considerable achievements, both technical and commercial, should inspire the confidence of our Shareholders and partners in the direction the Company is taking. Cameron’s extensive contacts throughout industry and government, both in the UK and internationally, will be of great value to the Company as we begin to accelerate our commercial strategy.”
Dr Davies said: “I am pleased and excited to be joining PowerHouse at this crucial juncture. I’ve been following the Company with keen interest for over a year and am impressed by the progress that Keith and his team have made in positioning the Company for its next phase of growth. PowerHouse is well advanced in its plan to produce low-cost hydrogen for road-fuel use while addressing the growing issues of landfill diversion and waste eradication. I am looking forward to helping the Company accelerate its commercial strategy, develop the business operationally, and expand an already excellent team.”
PowerHouse also announces it has completed a fundraising of £1.6 million, through the issue of 160,000,000 new Ordinary Shares of 0.5p per share (“Shares”). The fundraise was completed at a price of 1p per Share representing an 18% discount to the closing price at 21 August. The placement price was a greater than 20% premium over the Company’s last placement in February 2017. The proceeds of the fundraising will be used primarily to accelerate the engineering of the commercial platform for Distributed Modular Gasification. Additionally, the proceeds will help fund expansion of the team and continued research and testing of the processes.
Mr. Allaun added: “The previous £2.5 million placing announced on 15 February of this year was largely to eliminate the long-standing convertible loan note, with £2 million of those proceeds used for that purpose. This placement is wholly dedicated to the funding of our accelerating growth.”
About PowerHouse Energy
PowerHouse Energy Group plc is the developer of the G3-UHt Ultra High Temperature Gasification Waste-to-Energy unit, and the creator of Distributed Modular Gasification which allows for the elimination of waste, the generation of distributed electricity, and the production of distributed hydrogen.
The Company is focused on technologies to enable projects for energy recovery from municipal and industrial waste streams that would otherwise be directed to landfills and incinerators; or from renewable and alternative fuels such as biomass, tyres, and plastics to create syngas for power generation, or high-quality hydrogen for transportation.
Distributed Modular Gasification allows for easy, economical, deployment and scaling of an environmentally sound solution to the growing challenges of waste elimination, electricity demand, and distributed hydrogen production.
Distributed Modular Gasification and DMG are copyrights of PowerHouse Energy Group plc.
PowerHouse is quoted on the London Stock Exchange’s AIM Market. The Company is incorporated in the United Kingdom.
For more information : http://www.powerhouseenergy.net
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