Net zero transition creating fresh opportunities for hydrogen energy business
Powerhouse Energy Group says it is continuing to stage successful tests at Thornton, near Chester, to support its technology to produce hydrogen power from plastics.
Releasing its audited results for the year ended 31 December 2021, the company adds it is also still backing Peel NRE’s development of the first commercial scale application of Powerhouse’s technology at the Protos Energy Park, in Cheshire.
The business increased its revenues in the year to £701,000 (2020: £100,000) primarily due to engineering support works provided to the Protos SPV.
Powerhouse Energy had £9.6m of available cash at 31 December 2021 (2020: £3.4m) and successfully raised £10m pre-expenses from the market during the year.
Keith Riley, interim non-executive chairman of Powerhouse Energy Group, said: “During 2021, Powerhouse’s prime focus was the continued support of its plastics to hydrogen DMG Technology being implemented by Peel NRE at its Protos Energy Park in the UK.
“The project missed some anticipated milestone dates but continued to progress through the year and saw a restructuring and strengthening of the project team, of which Powerhouse is an important member.
“With our new CEO coming into post in 2022, I now look forward to seeing a strengthening of the Powerhouse capabilities and its technology being implemented.”
Paul Drennan-Durose, chief executive officer, added: “Governments and companies are expected to embrace reducing waste effectively, and to play an increasingly active role in decarbonising the economy.
“These expectations represent significant opportunities for Powerhouse as the transition to net zero continues to evolve.
“The company is encouraged by the progress made in 2021 and, with a new and invigorated leadership team, we look to the future with optimism.”
Also during the financial year, Powerhouse strengthened its engineering capability by acquiring a 48% stake in Engsolve Limited – a privately owned engineering solutions company.
And it signed a collaboration agreement with development partner, Hydrogen Utopia International, with the prospect of a plastics to hydrogen project at Konin, Poland.