Shares double at clean energy business
Powerhouse Energy, the sustainable hydrogen company which is based in Bingley has today issued a statement “noting” the recent increase in the firm’s share price.
Since close on Friday the share price has doubled to 7.70p, increasing its market cap to £286.063m. This is a significant increase from where the firm started 2020 with a share price of 0.61p.
The statement stated: “there are no new material developments beyond those previously notified to the market.”
However, the jump in value comes as the firm’s chairman and former MP, Tim Yeo told Proactive London that the business will benefit form the the Government’s new 10-point plan for a green industrial revolution and the Hydrogen Strategy for the UK which is due to published in Q1 of 2021.
Tim Yeo, chairman, Powerhouse Energy Group
Yeo explained the opportunities stating: “Because our technology will be up and running quite soon we can make a significant contribution to the UK’s hydrogen capacity. But also our business model doesn’t require a government subsidy, unlike many other clean hydrogen technologies.”
The business which is pioneering hydrogen production from waste plastic last updated the market on 17 December and announced that Peel L&P Environmental had commenced site preparation work for the first waste-plastic-to-hydrogen plant at the Protos Hub in the North West. In his recent interview Yeo said that the business was working towards its target of having the plant complete and operational by the end of 2021.
Yeo also explained how since the firm raised £5m in September through a fundraise which attracted both private and institutional investors.
He said: “Since [September] one of the big institutions which invested at that time have bought more shares in the market. The important thing for us is we communicate our message so institutional investors can see over the next 5 years Powerhouse Energy will become a significant player in the UK energy market but also in overseas markets where we are already starting to explore the opportunities.”
Boris Johnson announced in November a £12bn plan for a green industrial revolution that aims to esnure the country meets its target of net zero emissions by 2050. The plan included a mix of renewable energies and nuclear, with hydrogen being a key in this mix.
