Important progress made at listed energy technology company

Powerhouse Energy Group, a which is pioneering hydrogen production from waste plastic and used tyres, has reported revenues of £373,306 (H1 2020: £100,000) in its interim results for the six months ended 30 June 2021.

The Bingley-headquartered business, which has recently secured a site to build a commercial scale energy plant in Ellesmere Port, also made a pre-tax loss of £1.1m (H1 2020: £894,000 loss).

Its revenues are largely derived from engineering services for the application of its DMG technology at the Ellesmere Port site.

Chairman James Greenstreet said: “Powerhouse has made great progress in the first half of this year, bolstering the technical and management teams and acquiring a stake in Engsolve, the engineering consultancy.

“This progress supports our top priority, the building of our first commercial scale plant at the Protos Energy Park in Ellesmere Port, Cheshire.

“During this period we were delighted to sign a binding agreement with HUI which intends to deploy Powerhouse technology in Poland, Greece and Hungary helping to provide a solution to the world’s plastic pollution, accelerate the clean energy transition and improve our environment for future generations.”

The listed business raised £10m before expenses through a placing in January 2021.

It says when its new power plant is operational, this is expected to open up a worldwide market for its DMG technology which can transform plastics and waste into clean energy. 

Powerhouse is currently working with Peel NRE (part of the Peel Group) to develop the Ellesmere Port plant.

It says Peel also plans to develop a second waste plastic to hydrogen facility, using Powerhouse technology, at the Rothesay Dock on the north bank of the River Clyde in Scotland.

The 13,500 tonne facility would be only the second in the UK to use Powerhouse’s DMG process.