City briefs: Powerhouse Energy and Renew

Powerhouse Energy Group, a Bingley-headquartered technology company commercialising hydrogen production from plastic, says Paul Drennan-Durose has resigned from his post as CEO.

He will leave the company on 31 August 2022. Powerhouse has confirmed this was his personal decision.

Interim non-executive chairman, Keith Riley, said: “The board wishes to thank Paul for his contribution to the development of the company and wishes him success in his future endeavours.”

Riley will become acting chief executive officer until a permanent successor is announced.

Powerhouse also notes Myles Kitcher, non-executive director, will not offer himself for re-election at the next Annual General Meeting.

The business has signed a non-binding term sheet setting out heads of terms for Powerhouse to take a 50% shareholding in the Peel NRE Ltd special purpose vehicle Protos Plastics-to Hydrogen No 1 Ltd. It will continue to work with Kitcher within the SPV on the proposed development of a plastics-to-hydrogen plant to be constructed within Peel’s plastics park at Protos.

Gill Weeks, non-executive director, has informed the board of her intention not to offer herself for re-election as a director at the next AGM for personal reasons and to enable her to balance other commitments.

Paul Emmitt is appointed chief operating officer with immediate effect, stepping up from his role as chief technical officer.

Riley added: “We are sorry to see Paul leave, especially at a time when the  non-binding heads of terms with Peel on Protos is a significant step forward both for the company and for the project – which sets out a plan for the proposed  implementation of Powerhouse’s unique hydrogen generation technology.

“Taking a proposed active role in the project SPV will give the company direct involvement in the management of the project.

“We look forward to continuing to work with Myles and will be calling on Gill’s expertise in the future on environmental and government affairs.”

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Engineering services group, Renew, has appointed Elizabeth (Liz) Barber as a non-executive director, effective from 1 November 2022.

She brings a wealth of experience gained over 12 years’ experience in the regulated water sector.

She was until recently the CEO of Kelda Group/Yorkshire Water, where she oversaw water and wastewater services to the Yorkshire region.

Prior to serving as CEO she also served as CFO at Kelda Group/Yorkshire Water. Before that she was a partner at EY LLP where she was head of audit for the North Region.

Barber is currently non-executive director of Hull-based Cranswick plc and holds several senior positions at Leeds University. She was previously independent non-executive director at KCOM PLC from 2015 until its acquisition by Macquarie in 2019.

David Brown, chairman of Renew, said: “Liz’s extensive experience in the regulated water sector, an established market for Renew, combined with her financial background, will complement the Board’s current skillset and will be invaluable as we continue on the Group’s growth journey.”

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