Bingley business set to complete £53m acquisition
Waste to energy business Powerhouse Energy has entered into a conditional agreement to acquire Waste2Tricity, a tech business which is developing a process to create hydrogen from waste plastics.
The deal which is valued at £53,329,034.28 will be paid for through the issue of 1,437,440,277 ordinary shares in the Bingley-based Powerhouse.
In a letter from Powerhouse’s chairman Dr William Cameron Davies to shareholders, it highlighted that the acquisition provided an opportunity for the company to “a clear message to international markets about its innovative technology designed to address” eliminating plastic waste.
The two companies have a history of working together, dating back to 2014. With both businesses currently in a collaboration agreement with Peel Environmental to develop 11 waste plastic to hydrogen facilities, representing an investment of more than £150 million, across the UK. With first in Cheshire having been granted planning permission in March by Cheshire West and Chester Planning committee.
Following the acquisition current Waste2Tricity chairman and former Shadow Secretary of State for Trade and Industry Timothy Yeo will join the board of Powerhouse Energy as a non-executive director.
