Listed energy tech company acquires stake in engineering consultancy
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Bingley-headquartered Powerhouse Energy Group, a technology company commercialising hydrogen production from plastic, has acquired 48% of the share capital of engineering consultancy Engsolve Limited.
The shares have been bought for a cash consideration of £99,990.
Paul Emmitt, Powerhouse’s chief technology officer, is also the managing director and founder of Engsolve.
Powerhouse says it has worked very closely with both Engsolve and Emmitt for the last four years.
The acquisition is intended to maintain Engsolve’s continued support of its projects and developments and will ensure that Engsolve’s expertise remains available to Powerhouse in future.
Engsolve is a private company based in Bridgend in Wales.
As an engineering solutions company, it has significant experience in undertaking engineering design and support, cost estimating and control, project management and safety risk assessments across a range of industries including energy from waste, renewables and green energy.
It made a profit after tax of approximately £137,000 in the year to 31 March 2021 on a turnover of approximately £840,000.
Tim Yeo, executive chairman of Powerhouse, said: “We are delighted to have acquired 48% of the share capital of Engsolve, a company Powerhouse has worked closely with for four years developing our technology which transforms plastics and waste into clean energy.
“This acquisition ensures Engsolve’s excellent expertise remains available to Powerhouse as our technology helps to improve the world’s environment for future generations.”
Emmitt added: “Engsolve welcomes this partial acquisition and I am delighted Powerhouse will utilise the extensive expertise within Engsolve to aid in accelerating the world’s clean energy transition and into transforming plastics and waste into clean energy.”