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Andrew Hore Quoted Micro 22 April 2019

NEX EXCHANGE

IMC Exploration Group (IMCP) has published the prospectus for its move to a standard listing. No fundraising is planned to accompany the flotation. Management believes that IMC has enough working capital for 12 months. There was €152,878 in cash available at the end of January 2019. This takes account of the statutory spending on its licences.

Block Commodities (BLCC) is calling a general meeting to enable shareholders to decide whether the company should become involved in the medicinal cannabis sector.

Ananda Developments (ANA) owns 15% of LHT, the owner of hapac medicinal cannabis inhaling technology. The hapac products are being sold in Italy and the product range is being widened. Other investments are being assessed.

Ace Liberty and Stone (ALSP) has declared a second interim dividend of 0.83p a share.

Anne Yerburgh has been replaced as chairman of Daniel Thwaites (THW) by chief executive Richard Bailey, although she remains as a non-executive director in order to represent family shareholders. A replacement is being sought for former non-executive director Nick Mackenzie.

Queros Capital Partners (BFD) has raised £305,000 from the issue of 8% unsecured bonds 2025. This will be used to provide bridging finance to UK businesses.

Chris Akers has a 3.97% stake in High Growth Capital (HASH) following the purchase of the intellectual property of Malta-based BDD, a company he founded. RRNB Capital Ltd has increased its shareholding from 1.92% to 9.95%, while Fujairah has raised its stake from 2.31% to 8.59%. High Growth Capital has completed the acquisition of additional shares in AI company Sentiance to take its stake to 15%. Whitman Howard has been appointed as corporate adviser and broker.

AIM  

Modern Water (MWG) reported its 2018 results at 6.19pm o the Thursday before Good Friday. Revenues increased by 18% to £4.2m and the reported loss was more than halved from £5.23m, although this included a £1.53m goodwill write off, to £2.47m. This appears to be the first time that Modern Water has slipped out results after the market has closed for the week. Let us hope that this does not become a habit. Serial offender Immunodiagnostic Systems Holdings (IDH) managed to put out its statement a bit earlier but after the close of the market. More can be found at https://ukinvestormagazine.co.uk/why-you-should-avoid-immunodiagnostic-systems-holdings/.

Enterprise software provider Sanderson (SND) says interim trading was ahead of expectations and further progress is expected in the second half. Interim revenues improved from £14.6m to £17m and underlying operating profit is one-third higher at £2.8m, which is partly due to accounting changes. Like-for-like operating profit would be one-fifth higher. Net cash was £3.29m at the end of March 2019. The order book is worth £8m. The interims will be published on 15 May.

Sheikh Ahmed Bin Dalmook Al Maktoum is investing £534,000 in MX Oil (MXO) for a 29.86% stake. He will appoint a non-executive chairman. This is part of a placing raising £680,000 at 0.04p a share. There are also 800 million warrants being issued that are exercisable at 0.04p over a five year period. Options over 10% of the enlarged share capital will be issued to management. The Aje field, where MX has a 5% investment is producing at around 3,150 barrels of oil per day and cash generated is being used to reduce project debt. The Aje field should start generating free cash in 2020 and that could move MX into profit in the first half of 2020. MX plans to consolidate 100 existing shares into one new share and change its name to ADM Energy.

Chief executive Sean Smith has bought 126,624 shares in biopesticide products developer Eden Research (EDEN) for 10.25p each. Finance director Alex Abrey has acquired 50,000 shares at 10.1p each. House broker Shore forecasts an increase in revenues from £2.8m to £3.7m in 2019, although the loss is expected to rise to £900,000. Shore expects Eden to move into profit in 2021.

PowerHouse Energy (PHE) has gained its first revenue generating contract for its DMG technology in conjunction with partner Waste2Tricity. Revenues will come from IP, design rights and licensing, followed by operational engineering.

Parity (PTY) is increasing its focus on the data analytics market and has appointed a new boss of consultancy services. Pre-tax profit halved to £850,000 in 2018 and a further decline is expected in 2019. Net debt is expected to remain at around £1m. Revenues are expected to continue to decline but there should be a greater proportion of the business coming from higher margin activities and profit is expected to bounce back to £1.5m in 2020.

Fryer and grease management services provider Filta (FLTA) increased revenues by 23% to £14.2m in 2018, while underlying pre-tax profit improved from £1.81m to £2.2m. This is before any significant contribution from the Watbio acquisition, which cost savings appear to be on course. A 2019 pre-tax profit of £3.8m is forecast.

Nektan (NKTN) is selling a 57.5% stake in Respin for £300,000 to a new purchaser because the previous deal could not be completed at a higher price due to the fact that buyer could not raise the finance. The online gaming firm says that it owes £3.6m in tax to the HMRC and it is likely to need additional cash to pay the bill.

TruFin (TRU) plans to sell its stake in unsecured consumer finance provider Zopa for £44.5m, an increase of 22% on the 2017 valuation, and investing £25m in manufacturing finance provider Distribution Finance Capital, which will be floated on AIM in early May. There should also be £10m returned to investors later this year. That will leave early payment services provider Oxygen Finance and Satago Financial Solutions, which provides working capital to small businesses.

Delayed results from consumer care products supplier Venture Life Group (VLG) show revenues 17% ahead at £18.8m and nearly all the growth came from the company’s brands. Pre-tax profit improved from £63,000 to £710,000. Net cash was £5.8m so the company has funds to make additional acquisitions.

Yourgene Health (YGEN) has raised £11.8m at 10.25p a share and that will be used to fund the £6.3m cash payment for molecular diagnostics developer Elucigene, which will cost £9.2m in cash and shares.

Managed services provider Redcentric (RCN) says net debt was £17.6m at the end of March 2019, compared with estimates of £20.2m. Pre-tax profit is expected to rise from £8m to £8.7m.

D4T4 Solutions (D4T4) has announced that its 2018-19 results will be ahead of expectations. This led to a pre-tax profit upgrade from £5.7m to £5.8m, but earnings per share were upgraded from 12.1p to 13.3p due to a low tax rate.

Evgen Pharma (EVG) has raised £5m through a placing at 13p a share. The cash will boost the balance sheet while management undertakes partnership discussions and additional work on SFX-01. The phase IIb data for SFX-01 in subarachnoid haemorrhage is expected in the third quarter of 2019.

Directa Plus (DCTA) doubled its total income to €2.5m in 2018. The graphene-based products developer has net cash of €5.2m, following a €3m outflow from operations.

Ariana Resources (AAU) says that the Kiziltepe gold mine produced 7,296 ounces of gold in the first quarter of 2019. That was lower than the fourth quarter of 2018, but it is ahead of the average annualised quarterly guidance.

IG Design (IGR) is set for 10% organic sales growth in the year to March 2019 and total revenues rising from £327.5m to £447m. Pre-tax profit is expected to grow from £21.4m to £29.5m. There could be further merger benefits to come from the Impact Innovations acquisition.

Europa Oil and Gas (EOG) is selling its 20% stake in PEDL143 in the Weald Basin to UK Oil and Gas (UKOG) for £300,000.

MAIN MARKET 

Plastics and panels supplier Tex Holdings (TXH) made a small loss in 2018 following accounting changes to the recognition of revenues and there is no final dividend. Trading levels were lower in the second half. Tex is in breach of some of its bank loan covenants. The major shareholder continues to support the group. The share price fell by more than one-quarter.

Electronic products distributor DiscoverIE (DSCV) is on course to improve its full year pre-tax profit from £21.8m to £27.7m. The group has raised £29m at 400p a share in order to finance the acquisitions of US-based transformers and magnetic components manufacturer Hobart Electronics and UK-based rugged and submersible sensors manufacturer Positek. The total initial consideration is £15.9m.

Fasteners supplier Trifast (TRI) says full year profit is slightly better than expected even though demand from China has been reduced due to tariff wars with the US. Net debt was £15m at the end of March 2019 and it has agreed a new four-year bank facility of £80m. This could be used for acquisitions.

Argo Blockchain (ARB) has set the date for its requisitioned general meeting, which will be held on 16 May. The requisition came from an entity owning 13.8% that is controlled by Frank Timis, who does not believe that the company will provide a satisfactory return to shareholders with its current cryptomining strategy. The plan is to remove Jonathan Bixby and Mike Edwards as directors and appoint another director. Argo has more cash than its market capitalisation. Cash operating costs have been reduced to £280,000, compared with £500,000 of potential revenues expected in May.

Kazakhstan-focused vanadium miner Ferro-Alloy Resources (FAR) is already spending the money it raised when it gained a standard listing last month. Equipment, a mobile crane and vehicles have been acquired. The design of the extension to the existing facilities and for the connection to the high voltage power line has been completed. The share price has almost halved from the placing price of 70p to 37.37p. More background information can be found at https://ukinvestormagazine.co.uk/ferro-alloy-resources-goes-to-discount-on-first-day/.

BATM (BVC) has won an initial $2m armed forces contract for cyber security and this lasts 18 months.

Emmerson (EML) has signed heads of agreement for an offtake agreement for 100% of the production from the Khemisset potash project.

Andrew Hore

PowerHouse Energy (PHE) Placing and Issue of Equity

PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, is pleased to announce an equity fund raising by way of a placing of 130,000,000 Ordinary shares of 0.5p each in the Company (“Ordinary Shares”) at 0.5p per Ordinary Share (the “Placing Price”) to raise £650,000 before expenses.

PowerHouse has undertaken this placing to provide it with the capital to ensure the continuity and expansion of its commercial and engineering efforts for the foreseeable future.

This placing, was carried out exclusively by Turner Pope Investments, with the majority of their clients looking to take advantage of the EIS relief for which the Company has recently received HMRC advanced assurance, and that should be available on the newly issued shares.

In addition to the placing, a holder of PHE warrants has chosen to exercise those warrants at 0.5p which will provide the Company with an additional £50,000 of capital from the exercise.  That holder has committed to hold the 10,000,000 Ordinary Shares arising from the exercise for a period of at least 18 months.

Keith Allaun, CEO of the Company, said: “With this money secured, we are confident that we will be able to achieve our on-going commercial objectives as well as expand our testing and engineering capability with new personnel and with newly acquired, highly-specialised, equipment.  We also intend to further enhance our IP protection related to the DMG® System and EcoSynthesis Gas© production.”

Application will be made for the admission of 140,000,000 Ordinary Shares to trading on AIM and it is expected that this will occur on or around 10 December 2018. These shares will rank pari passu in all respects with the Company’s existing issued Ordinary Shares.

Subsequent to the issue of Ordinary Shares, the Company will have 1,856,431,621?Ordinary Shares in issue. PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

For more information, contact:

PowerHouse Energy Group plc
Keith Allaun, Chief Executive Officer
Tel: +44 (0) 203 368 6399

WH Ireland Limited (Nominated Adviser)
James Joyce / Chris Viggor
Tel: +44 (0) 207 220 1666

Turner Pope Investments (TPI) Ltd (Sole Broker)
Andy Thacker
Tel: +44 (0) 203 621 4120

Ikon Associates (Media enquiries)
Adrian Shaw
Tel: +44 (0) 1483 271291
Mob: +44 (0) 7979 900733

About PowerHouse Energy

PowerHouse Energy 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 EcoSynthesis Gas© from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) processes.

The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day with its low-carbon technology.

The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

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

Brand CEO Alan Green talks PowerHouse Energy #PHE, Bloomsbury Publishing #BMY, Salt Lake Potash #SO4 & Vast Resources #VAST on Vox Markets podcast

Brand CEO Alan Green talks PowerHouse Energy #PHE, Bloomsbury Publishing #BMY, Salt Lake Potash #SO4 & Vast Resources #VAST with Justin Waite on the Vox Markets podcast. Interview is 9 minutes 40 seconds in.

Powerhouse Energy #PHE – Operational Update

PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres  and developer of the DMG® System continues to seek additional commercialistion opportunities for its technology.

In conjunction with its Project Development Partner,  Waste2Tricity, Ltd, PHE has met with 2 substantial waste suppliers to advance negotiations, supply detailed technical information, discuss detailed operational matters, and explore realistic deployment opportunities interfacing with existing installations.  Both negotiations have the possibility to lead to multiple DMG® System deployments, however at this stage there is no assurance that either of these, or any other, negotiations that Waste2Tricity are engaged in on behalf of PHE will come to fruition.

PHE has also engaged with, and have provided significant technical detail to, a major UK-based, multi-national EPC (engineering, procurement, and construction) company to support Waste2Tricity’s negotiations on behalf of both itself, and PHE, to obtain a system “wrap” and guarantee on the first deployment of the DMG® System and that these negotiations are ongoing.  However, as previously stated, these, and other negotiations, may not result in reaching a satisfactory commercial agreement.

Per our joint-development agreement of January 2017, PowerHouse Energy Group continues to support Waste2Tricity’s efforts in building a pipeline of commercially viable potential projects.

PowerHouse yesterday announced the successful receipt of the “Statement of Feasibility” from DNV-GL under the RP-A203 Technical Assessment protocol.

For more information, contact:

PowerHouse Energy Group plc         Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive Officer

WH Ireland Limited (Nominated Adviser)       Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor

Turner Pope Investments Ltd (Joint Broker)         Tel: +44 (0) 203 621 4120
Ben Turner / James Pope

Ikon Associates(Media enquiries)     Tel: +44 (0) 1483 271291
Adrian Shaw           Mob: +44 (0) 7979 900733

About PowerHouse Energy

PowerHouse Energy has developed a proprietary process technology called DMG® which can use waste plastic end-of-life-tyres and other waste streams to convert them into cost efficient energy in the form of electricity and ultra clean hydrogen gas fuel for use in cars and commercial vehicles (FCEV: Fuel Cell Electric Vehicles) and other industrial uses. The PowerHouse technology is the world’s first proven, modular hydrogen from waste (HfW) process.

The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality hydrogen, and in excess of 28 mW/h of exportable electricity per day.

The PHE process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

PowerHouse is quoted on the London Stock Exchange’s AIM Market. The Company is incorporated in the United Kingdom.

For more information see www.powerhouseenergy.net

About Waste2tricity, Ltd

Established in 2008, Waste2Tricity is a structured solutions provider to the energy-from-waste (EfW) sector, an industry supplying increasing amounts of electricity using feedstock diverted from landfill. Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that use proven technology, are profitable and progressive. In the case of PHE these projects will use high temperature thermal conversion and ultra-efficient gas engines to convert waste plastic to energy and in the future can produce hydrogen to support the growth of the hydrogen economy.

For more information see www.waste2tricity.com.

About DNV GL

Today DNV GL is a globally leading quality assurance and risk management company. With 100,000 customers across the maritime, oil and gas, energy, food and healthcare industries, as well as a range of other sectors, DNV GL helps companies to become safer, smarter and greener.

Driven by our purpose of safeguarding life, property and the environment, DNV GL enables organizations to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping our customers in the maritime, oil & gas, energy and other industries to make the world safer, smarter and greener.

In the power and renewables industry

DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy efficiency. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.

For more information see www.dnvgl.com

PowerHouse Energy Group #PHE CEO Keith Allaun discusses the DNV GLs Independent endorsement of its technology with Proactive London’s Andrew Scott

Keith Allaun, chairman of PowerHouse Energy Group PLC (LON:PHE), caught up with Proactive London’s Andrew Scott as the firm received an independent endorsement of its technology.

DNV GL, a global leader in technical assurance certification, conducted a review of PowerHouse’s proprietary full-scale commercial engineering design for the waste to power and waste to hydrogen technology processes known as DMG.

The end result was the issue of a “Statement of Feasibility” by DNV, which signifies that the consultant found no prohibitive obstacles under its technology qualification process.

Powerhouse Energy Group #PHE Director/PDMR Shareholding and Issue of Equity

PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, announces that Keith Allaun, CEO of the Company, has exercised 16,666,667 Share Options at an exercise price of 0.6p, for a cash consideration of £100,000.00 (“Option Shares”).

Application will be made for the admission of 16,666,667 Shares to trading on AIM and it is expected that this will occur on or around 26 October 2018. These shares will rank pari passu in all respects with the Company’s existing issued Ordinary Shares.

Following the acquisition of the Option Shares, Keith Allaun will hold 18,666,667 Ordinary Shares in the Company, which represents 1.09% of the Company’s enlarged issued ordinary share capital and voting rights. Mr. Allaun has made a written commitment to hold the newly issued shares for a minimum of 18 months.

Subsequent to the issue of Option Shares, the Company will have 1,716,431,621 Ordinary Shares in issue. PowerHouse has no shares in Treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.

For more information, contact:

PowerHouse Energy Group plc Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive Officer

WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor

Turner Pope Investments Ltd (Joint Broker) Tel: +44 (0) 203 621 4120
Ben Turner / James Pope

Ikon Associates(Media enquiries) Tel: +44 (0) 1483 271291
Adrian Shaw Mob: +44 (0) 7979 900733

About PowerHouse Energy
PowerHouse Energy 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 EcoSynthesis gas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) processes.

The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day.

The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

PowerHouse is quoted on the London Stock Exchange’s AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.

Successful Independent Technology Assessment of PowerHouse Energy’s #PHE proprietary DMG® by leading certification authority DNV GL

PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres is pleased to announce it has received an independent “Statement of Feasibility” for its proprietary full-scale commercial engineering design for the waste to power and waste to hydrogen technology processes known as DMG®.

This independent review of PowerHouse Energy’s technology was undertaken by DNV GL, a global leader in technical assurance certification. This Phase one of the Technology Qualification process, was built into PowerHouse Energy’s extensive engineering, safety and risk management programme which has taken several months to complete. The programme involved a robust and rigorous review of the engineering design, test data, process modelling and the equipment engineering design required for the commercial application of the DMG® technology.

The DNV GL Statement of Feasibility is issued by DNV GL when their Technology Assessment finds no prohibitive obstacles under the DNV GL Technology Qualification process RP-A203. PowerHouse Energy look forward to continued involvement with DNV GL to work through the RP-A203 process to finalise the Technology Qualification with our first commercial site as is customary.

The Statement of Feasibility reads: “The PowerHouse Energy Group’s DMG® Waste-to-Energy technology can convert 25 tonnes per day of feedstock comprising high calorific value waste materials.”

In relation to the outputs from the technology process it adds: “The produced energy-rich syngas can be combusted to produce power for distributed electrical generation. The DMG® technology allows for integrating a process for the co-production of high purity hydrogen (1 tonne per day) from a proportion of the syngas in addition to generating power.”

The benefits of the DMG® process listed include:

  • Waste elimination with high levels of energy recovery
  • Production of electrical power for distribution
  • Ability to co-produce high purity hydrogen with electrical power

It also confirms that the modular design of the DMG® process complies with all current regulations and statutory requirements and also with availability and operational demands.

This third party endorsement of the generic commercial design and equipment is a major milestone in the planned technical development programme leading to a full-scale build.

This Statement of Feasibility represents a positive development for PowerHouse Energy and its shareholders as it confirms that the DMG® technology will thermally convert waste plastic and end of use tyres into high purity hydrogen and energy.

This underscores PowerHouse Energy’s technical credibility and should provide an additional level of reassurance to prospective customers, users, and development partners of the DMG® technology.

The DMG® modular process is a novel means of dealing with waste that can also establish the foundation for low-cost distributed road fuel quality hydrogen and locally distributed electricity.

David Ryan, Engineering Director of PowerHouse Energy, commented: “Gaining this Statement of Feasibility provides us with a key foundation in the engineering and risk mitigation programme giving us great confidence in the scale up and roll out of the technology. Furthermore, it provides our partners in the waste management industry with a key element of the independent technical assurance needed to finalise site application specific commercial agreements to utilise the DMG® technology to reduce the volumes of waste plastics sent to landfill.

Our expectations are that, with our planned engineering and risk management in place, the commercial operation our DMG® technology will exceed 1 tonne of hydrogen production and generate in excess of 2MW of electricity per DMG® unit and we should achieve full Certification against the DNV GL Technology Qualification process at our first site”

Keith Allaun, CEO of PowerHouse Energy, added:

“We sought this Technology Assessment of our engineering design by one of the world’s most highly respected evaluators of new technologies. DNV GL confirms both our technology design and the rigour of our engineering approach. Our team has worked relentlessly over the last 18 months to get the DMG®technology to its existing commercialisation phase.

“This independent assessment of our proprietary DMG® Technology adds further credibility to the considerable scope that exists for its commercial application globally in the many sectors where efficient and responsible use of non-recyclable and waste plastics and end of life tyres as well as the creation of clean energy has a role to play.

“We would not be here today without the efforts, patience, and forward-thinking of all of the stakeholders in PowerHouse: our team, our partners, and our shareholders. The Board looks forward to further progress as we drive forward with the commercialisation and licensing strategy.”

ENDS

For more information, contact:

PowerHouse Energy Group plc
Keith Allaun, Chief Executive Officer
Tel: +44 (0) 203 368 6399
WH Ireland Limited (Nominated Adviser) 
James Joyce / Chris Viggor
Tel: +44 (0) 207 220 1666
Turner Pope Investments Ltd (Joint Broker)
Ben Turner / James Pope
Tel: +44 (0) 203 621 4120
Ikon Associates (Media enquiries)
Adrian Shaw
Tel:  +44 (0) 1483 271291
Mob: +44 (0) 7979 900733

Notes for editors:

About PowerHouse Energy

PowerHouse Energy 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 EcoSynthesis gas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.

The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day.

The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

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

About DNV GL

Today DNV GL is a globally leading quality assurance and risk management company. With 100,000 customers across the maritime, oil and gas, energy, food and healthcare industries, as well as a range of other sectors, DNV GL helps companies to become safer, smarter and greener.

Driven by our purpose of safeguarding life, property and the environment, DNV GL enables organizations to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping our customers in the maritime, oil & gas, energy and other industries to make the world safer, smarter and greener.

In the power and renewables industry

DNV GL delivers world-renowned testing and advisory services to the energy value chain including renewables and energy efficiency. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.

Brand CEO Alan Green talks Bacanora Lithium #BCN, Powerhouse Energy #PHE, Bluefield Solar Fund #BSIF & SciSys #SSY with Justin Waite on Vox Markets podcast.

Alan Green CEO of Brand Communications discusses Bacanora Lithium (BCN), Powerhouse Energy (PHE), Bluefield Solar Income Fund (BSIF) & Scisys (SSY) with Justin Waite on the Vox Markets podcast. The interview is 19 minutes 7 seconds in.

Powerhouse Energy #PHE – Interim results for the six months ended 30 June 2018

PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, announces its unaudited interim results for the six months ended 30 June 2018.

 

H1 2018 Highlights

Operational

  • Completion of Front-end Engineering and Design Program (FEED) for DMG® System
  • Initiation of planning and permitting process for Ellesmere Port site
  • Continued operation of G3 Process Demonstration facility and additional data acquisition
  • Augmenting of Commercial Operation/Business Development Team

Financial

  • Equity fundraisings totalling £2,088,434 which includes shares issued to settle the Hillgrove loan note and to consultants in lieu of services provided.

Post-period Highlights

  • Active engagement of Element Energy to assist with UK & EU Grant Funding Applications
  • Accelerated commercial activities by PHE and Waste2Tricity, Ltd for first DMG® facility
  • Engagement of third-party Engineering validation – process well underway and due for completion in the coming weeks.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For more information, contact:

PowerHouse Energy Group plc                                       Tel: +44 (0) 203 368 6399
Keith Allaun, Chief Executive Officer

WH Ireland Limited (Nominated Adviser)                 Tel: +44 (0) 207 220 1666
James Joyce / Chris Viggor

Turner Pope Investments Ltd (Joint Broker)             Tel: +44 (0) 203 621 4120
Ben Turner / James Pope

Ikon Associates (Media enquiries)                                 Tel:    +44 (0) 1483 271291
Adrian Shaw                                                                            Mob: +44 (0) 7979 900733

About PowerHouse Energy

PowerHouse Energy 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 EcoSynthesis gas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived.  The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.

The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 28MW/h of exportable electricity per day.

The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

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

Interim Results for the six months to 30 June 2018

Chairman’s Statement

Introduction

PowerHouse has made progress in the first half of 2018 on a number of fronts, the most significant of which is completion of the Front-end Engineering and Design (FEED) process for its generic DMG® System. This milestone was accomplished through the efforts of the design engineering team at EngSolve, the test engineering team at PowerHouse, and the application of the empirical data that had been acquired from the on-going operation of the G3-UHt Process Demonstrator at the Thornton Science Park.

Additionally, the Company was able to complete the retirement of the Hillgrove Convertible Loan Note (the Note) through the issuance and placement of the shares outstanding against the Note. This has allowed the Company to accelerate its technical and commercial aims, and freed the Company from the substantial overhang of shares thereby represented.

The principal activity of the Company is to continue the exploitation of the newly engineered and developed PHE Waste-to-Energy system, DMG®, and associated advances in its intellectual property and know-how, in order to achieve successful commercial roll-out of DMG®. The system’s thermal conversion process converts waste materials such as non-recyclable plastic, biomass, and other waste streams into a high-quality, clean, EcoSynthesis© gas composed primarily of hydrogen, methane, and carbon monoxide. The previously developed and constructed PHE G3-UHt Process Demonstration system continues to be operational at Thornton Science Park near Chester, UK.

We have created what we believe to be a distinct and sustainable business model with DMG® and the IP that underscores it: distributed waste elimination; distributed electrical generation; distributed hydrogen production, and the extraction of chemical precursors from heretofore wasted resources – quite literally, waste.

The Company continues to develop commercial interest in the DMG® System and is in advanced negotiations with selected parties regarding the deployment of our initial system and in ongoing discussions with a broader range of potential partners and customers for utilising our technology. We are confident that the completion of our first commercial system will precipitate significant demand for the DMG® System in multiple geographical regions.

PowerHouse no longer sees itself as simply a developer of Waste-to-Energy technology, but also as a pioneer in the nascent process of deriving hydrogen, and other chemical precursors, from waste. We are convinced that DMG® technologies will help fuel our future, cleanly, efficiently and profitably.

Our strategy

The Company’s long-term strategy is to utilise its intellectual, engineering, and operational know-how and to license its intellectual property, to assist in the building of sustainable and profitable waste eradication, energy recovery, and distributed electrical and hydrogen production operations utilising the Company’s proprietary thermal conversion platform technology (DMG®). This will be achieved by working in conjunction with a variety of third-party owner/operators, leading industry partners, and others including waste management companies, material recovery facilities, landfill operators, technology providers, and a suite of external project development partners.

Additionally, the Company will seek to exploit associated opportunities where the Board believes it can add significant value and contribute towards the success of the Company as a whole.

At present the Company’s principal assets are its G3-UHt process demonstrator, currently located at the University of Chester Thornton Science Park, the test data derived, and the Commercial Design materials developed during the on-going Engineering process.

As we enter the commercialisation phase for our proprietary DMG® technology platform, our strategy is to target licensing revenues to move PowerHouse towards becoming a profitable and sustainable business meeting the ever growing global demand for efficient elimination of unrecyclable plastic waste and end of use tyres, the production of clean energy, and the extraction of other useful resources from waste.

Developing our business model

The Company intends to further develop its DMG® process into a fully operational commercial unit capable of processing a nominal 25 tonnes per day of waste and deriving valuable resources such as EcoSynthesis Gas, hydrogen, distributed electricity, and other chemical precursors. It is expected that activities will commence in the UK in the near-term in partnership with Waste2tricity Ltd, an experienced waste-to-energy project development organisation.

The Company also continues the planning and permitting process related to the Peel Environmental site near Ellesmere Port and, furthermore, is concurrently evaluating a number of other potential sites for the roll-out and licensing of its initial DMG® technology.

Over the longer term the Company will look to exploit its proprietary know-how, technology developments, and other processes to develop economical, environmentally sound, and efficient solutions to capture even more physical and chemical energy from the growing waste-steam generated by our planet. Customers are being identified not just in the UK, but across the EU, and in other selected geographic territories.

Commercialisation

The commercialisation phase is now well underway and we are making positive progress by taking a customer-led approach, involving a combination of strategic alliances, commercial partnering and working directly with potential customers/licensors of our IP. Our flexible approach combined with the modular design of our DMG® System allows us to tailor our technology to meet the most specific of partner and customer requirements.

The generic Front End Engineering Design (FEED) Engineering is now complete, allowing initial safety design reviews and independent third party design reviews which have been initiated on schedule.  Third party engineering verification is well underway with results expected in the coming weeks.

We are now focussing on specific applications of the DMG® technology and are in active negotiation and discussions with a number of “early-adopter” commercial customers for our IP. The fabrication, build, and commissioning of the first DMG® system is expected to be completed, depending on specific customer requirements, and adequate funding being in place, by the end of Q3 2019 with full commercial operation commencing soon thereafter.

We are also actively pursuing a number of grant applications, which if successful, will result in additional funding during 2019.

We note that the share price has fallen this year as we have been required to retire the Note and to raise cash for Company operations.  However, we believe this to be a short-term situation for the Company and the Board is confident that third-party technical validation, the appointment of a partner for the fabrication and construction of the first DMG® facility, and, of course, the first contracted commercial order utilising our proprietary DMG® technology, will drive what the Board believes to be the considerable value inherent in PowerHouse.

Outlook

We believe we have the right strategy in place to deliver substantive growth over the medium to longer-term and to deliver sustainable shareholder value as the commercialisation strategy for our proprietary DMG® technology platform targets revenues to move PowerHouse towards becoming a profitable business.

The Company is currently pre-revenue and is reliant on being able to raise further funds to continue its development as outlined in the going concern note 1.2 of these interim statements.

The Board appreciates the continued support of our shareholders and is making every effort to repay your confidence in the Company and its future.

Corporate Governance

As required under changes to the AIM Rules PowerHouse has adopted a new Corporate Governance Code, the QCA Code. Full details of how the Company complies with the Code are set out on the Company’s website https://www.powerhouseenergy.net/investors/corporate-governance/

Dr. Cameron Davies
Non-Executive Chairman

Statement of Comprehensive Income

(Unaudited)
Six months
(Unaudited)
Six months
(Audited)
Year
ended ended ended
30 June 30 June 31 December
Note 2018
 £
2017
£
2017
£
Revenue
Cost of sales
Gross loss
Administrative expenses (725,872) (424,144) (1,272,204)
Research and development (411,301) (202,842) (527,547)
Share based payments (26,953) (5,078)
Operating loss (1,164,126) (626,986) (1,804,829)
Finance costs (545) (69,863) (69,863)
Loss before taxation (1,164,671) (696,849) (1,874,692)
Taxation
Loss after taxation (1,164,671) (696,849) (1,874,692)
Total comprehensive expense (1,164,671) (696,849) (1,874,692)
Total comprehensive expense attributable to:
                Owners of the Company (1,164,671) (696,849) (1,874,692)
                Non-controlling interests
Basic and diluted loss per share in pence 3 (0.08) (0.08) (0.19)

The notes numbered 1 to 5 are an integral part of the interim financial information.

Statement of Changes in Equity

Share capital
£
Share
premium
£
Accumulated losses
£
Total
£
Balance at 1 January 2017 (audited) 6,153,455 47,031,989 (56,412,008) (3,226,564)
Transactions with equity participants:
–  Shares issued in lieu of services 37,300 32,700 70,000
–  Shares issued 1,741,071 1,008,929 2,750,000
–  Share issue fees (155,126) (155,126)
Total comprehensive loss (696,849) (696,849)
Balance at 30 June 2017 (unaudited) 7,931,826 47,918,492 (57,108,857) (1,258,539)
Transactions with equity participants:
–  Shares issued in lieu of services 66,316 53,684 120,000
–  Shares issued 800,000 800,000 1,600,000
–  Share issue fees (90,384) (90,384)
Share based payment 5,078 5,078
Total comprehensive loss (1,177,843) (1,177,843)
Balance at 31 December 2017 (audited) (GBP) 8,798,142 48,681,792 (58,281,622) (801,688)
Transactions with equity participants:
–  Shares issued to settle liabilities 1,402,155 1,402,155
–  Shares issued 576,277 576,277
–  Shares issued in lieu of services 89,476 20,526 110,002
Share based payment 26,953 26,953
Total comprehensive loss (1,164,671) (1,164,671)
Balance at 30 June 2018 (unaudited) 10,866,050 48,702,318 (59,419,340) 149,028

The notes numbered 1 to 5 are an integral part of the interim financial information.

Statement of Financial Position

(Unaudited)
As at
30 June
(Unaudited)
As at
30 June
(Audited)
As at
31 December
Note 2018
£
2017
£
2017
£
ASSETS
Non-current assets
Property, plant and equipment 2,290 2,424 2,601
Investments 1 1 1
Total non-current assets 2,291 2,425 2,602
Current Assets
Trade and other receivables 238,994 90,771 88,495
Cash and cash equivalents 252,628 144,616 750,226
Total current assets 491,622 235,387 838,721
Total assets 493,913 237,812 841,323
LIABILITIES
Non-current liabilities
Loans 4
Total non-current liabilities
Current liabilities
Loans 4 (1,402,155) (1,402,155)
Trade and other payables 5 (344,885) (94,196) (240,856)
Total current liabilities (344,885) (1,496,351) (1,643,011)
Total assets / (liabilities) (344,885) (1,496,351) (1,643,011)
Net Liabilities 149,028 (1,258,539) (801,688)
EQUITY
Shares and stock 2 10,866,050 7,931,826 8,798,142
Share premium 48,702,318 47,918,492 48,681,792
Accumulated losses (59,419,340) (57,108,857) (58,281,622)
Total surplus / (deficit) 149,028 (1,258,539) (801,688)

The notes numbered 1 to 5 are an integral part of the interim financial information.

Statement of Cash Flows

(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31
Note 30 June 30 June December
2018
£
2017
£
2017
£
Cash flows from operating activities
Operating loss (1,164,126) (626,986) (1,804,829)
Adjustments for:
Share based payment 26,953 5,078
Expenses settled by shares 110,002 70,000 190,000
Depreciation 568 808
Changes in working capital:
(Increase) / Decrease in trade and other receivables (150,499) (84,436) (82,159)
Increase / (Decrease) in trade and other payables 104,029 43,013 189,672
Net cash used in operations (1,073,073) (598,409) (1,501,430)
Cash flows from investing activities
Purchase of fixed assets (257) (985)
Cash flows from financing activities
Share issues 2,088,434 2,664,874 4,294,490
Expenses settled by shares (110,002) (70,000) (190,000)
Finance costs (545) (69,863) (69,863)
Loans received 69,863 69,863
Loans repaid (1,402,155) (2,000,000) (2,000,000)
Net cash flows from financing activities 575,732 594,874 2,104,490
Net (decrease) / increase in cash and cash equivalents (497,598) (3,535) 602,075
Cash and cash equivalents at beginning of period 750,226 148,151 148,151
Cash and cash equivalents at end of period 252,628 144,616 750,226

The notes numbered 1 to 5 are an integral part of the interim financial information.

Notes (forming part of the interim financial information)

1.   Summary of significant accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial information.

1.1.     Basis of preparation

This interim financial information is for the six months ended 30 June 2018 and has been prepared in accordance with International Accounting Standard 34 “Interim Financial Statements”. The accounting policies applied are consistent with International Financial Reporting Standards (“IFRS”) adopted for use by the European Union. The accounting policies and methods of computation used in the interim financial information are consistent with those expected to be applied for the year ending 31 December 2018.

The unaudited results for period ended 30 June 2018 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the period ended 31 December 2017 for the company are extracted from the audited financial statements which contained an unqualified audit report and did not contain statements under Sections 498 to 502 of the Companies Act 2006.

This interim financial statement will be, in accordance with the AIM Rules for Companies, available shortly on the Company’s website.

1.2.     Going concern

The Directors have considered all available information about the future events when considering        going concern. The Directors have reviewed cash flow forecasts for 12 months following the date of these Financial Statements.

The cash balance held at 30 June 2018 together with a letter of support provided by one of the Company’s shareholders, as stated in the year-end accounts 2017, indicating to the Directors that he intends for at least 12 months from the date of the approval of the 31 December 2017 financial statements to make available a sum of £650,000 to the company, is considered sufficient to ensure that the Company can pay its debts as they fall due. To date the Company has not drawn down any of the funds previously committed and has been assured that the investor continues to make such funds available if necessary. Should the Company not be able to draw on such funds it would need to raise funds in the market, or elsewhere. The Directors are of the opinion that they can raise further funds as and when required through market sources although there can be no guarantee such funds would be forthcoming. Furthermore, the Directors have agreed to waive any future salaries or fees for themselves, if necessary, to allow the Company to repay its debts as and when they fall due. Based on this, the Directors believe it is appropriate to continue to adopt the going concern basis of accounting for the preparation of the interim financial statements.

1.3.     Functional and presentational currency

This interim financial information is presented in £ sterling which is the Group’s functional currency.

2.   SHARE CAPITAL

0.5 p Ordinary shares 0.5p Deferred
 shares
4.5 p Deferred shares 4.0 p Deferred shares
Balance at 1 January 2018 1,136,872,014 388,496,747 17,373,523 9,737,353
Shares issued 413,581,012
Balance at 30 June 2018 1,550,453,026 388,496,747 17,373,523 9,737,353

The deferred shares have no voting rights and do not carry any entitlement to attend general meetings of the Company. They carry only a right to participate in any return of capital once an amount of £100 has been paid in respect of each ordinary share. The Company is authorised at any time to affect a transfer of the deferred shares without reference to the holders thereof and for no consideration.

On 1 February and 23 April 2018, the Company issued 215,686,275 and 64,744,645 ordinary shares of 0.5p respectively at the agreed price of 0.5p each in final settlement of the outstanding loan balance of Hillgrove of £1,402,155.

On 23 April 2018 the Company issued 115,255,355 ordinary shares of 0.5p each at a price of 0.5p each raising gross proceeds of £576,277.

On 18 May 2018 the Company issued a further 10,000,000 and 7,894,737 ordinary shares of 0.5p each at a price of 0.5p and 0.76p respectively in settlement of services provided.

3.   Loss per share

(Unaudited)
As at
30 June
(Unaudited)
As at
30 June
(Audited)
As at
31 December
2018
£
2017
£
2017
£
Total comprehensive (expense)/profit (GBP £) (1,164,671) (696,849) (1,874,692)
Weighted average number of shares 1,388,586,432 862,671,965 975,055,119
Basic and Diluted Loss per share in pence (0.08) (0.08) (0.19)

4.   LOANS

(Unaudited)
As at
30 June
(Unaudited)
As at
30 June
(Audited)
As at
31 December
2018
£
2017
£
2017
£
Hillgrove Investments Pty Limited             1,402,155 1,402,155
Total loans –                  1,402,155 1,402,155
Classified as:
–         Current 1,402,155 1,402,155
–         Non-current

Hillgrove Investments Pty Limited (“Hillgrove”) had provided the Company with a convertible loan which is secured by a debenture over the assets of the company and carries interest of 15 per cent per annum. Hillgrove had the option at any time to convert the loan in part or whole at a conversion price of 0.5p per share.

In February 2017 Hillgrove accepted a settlement of this loan for a £2m cash pay-out, made in 2017, and the conversion of the residual balance of £1,402,155 into newly issued share capital of the Company at the previously agreed 0.5p conversion price, amounting to 280,430,920 shares. The shares were issued in February and April 2018 as detailed in note 2, and Hillgrove has released the debenture it held over the assets of the Company.

5.   TRADE AND OTHER PAYABLES

(Unaudited)
As at
30 June
(Unaudited)
As at
30 June
(Audited)
As at
31 December
2018
£
2017
£
2017
£
Trade creditors 224,614 75,696 125,141
Other creditors and accruals 120,271 18,500 115,715
Total trade and other payables 344,885 94,196 240,856
Classified as:
–         Current 344,885 94,196 240,856
–         Non-current

Powerhouse Energy Group #PHE – Response to BBC Presentation

The Directors of PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, noted a technology referenced on the recent BBC program, “Inside Out,” that converts waste plastic back into liquid hydrocarbons and fuels – effectively returning it into the fossil fuel it once was. While plastic waste is, indeed, a challenge that must be overcome, we believe there is a better solution. 

The Powerhouse Energy DMG® System, having been operating and demonstrated at the University of Chester, Thornton Science Park, Energy Centre for the past year, will responsibly, and economically recover the energy from plastics in an environmentally sound manner rather than simply turning waste plastic into another form of greenhouse gas emissions. DMG® allows the conversion of plastics into substantial amounts of road-fuel quality hydrogen to enable the operation of hydrogen-powered trucks, buses and cars with the cleanest of fuels: zero-emission hydrogen.

DMG® affords the conversion of waste plastic to EcoSynthesis gas to displace liquid hydrocarbons responsible for substantive pollution. Excess energy produced through the thermal conversion of non-recyclable plastic can be used to generate low-carbon electricity to power Electric Vehicles.

The Directors of PHE believe our technology, which is being readied for commercial deployment, is a substantially more eco-friendly solution to plastic waste than returning it into a hydrocarbon fuel.  We would welcome an open discussion with Friends of the Earth and the BBC regarding our proposals for solutions to the scourge of plastic mis-management.  DMG® is one such solution. 

Commenting on the show, PowerHouse CEO Keith Allaun noted: “plastic management through effective energy recovery is a key to our future, and key to the health of our planet. While “land-fill mining” may become a part of our future, we at PowerHouse have created a responsible, economically efficient, and environmentally robust solution to the problem that exists today – the mis-management of plastics. We look forward to working with industry to roll-out DMG® as part of the wider solution to this global challenge.”

 

For more information, contact:

PowerHouse Energy Group plc                                       Tel: +44 (0) 203 368 6399

Keith Allaun, Chief Executive Officer

 

WH Ireland Limited (Nominated Adviser)                    Tel: +44 (0) 207 220 1666

James Joyce / Chris Viggor

 

Turner Pope Investments Ltd (Joint Broker)                Tel: +44 (0) 203 621 4120

Ben Turner / James Pope

 

Ikon Associates (Media enquiries)                                 Tel:    +44 (0) 1483 271291

Adrian Shaw                                                                        Mob: +44 (0) 7979 900733

 

About PowerHouse Energy

PowerHouse Energy 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 EcoSynthesis© gas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived.  The PowerHouse technology is the world’s first proven, modular, hydrogen from waste (HfW) process.

The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and in excess of 28MW/h of exportable electricity per day.

The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

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

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