£1m fundraise completed at low carbon energy tech firm
Powerhouse Energy Group (PHE) has raised £1m before expenses, through a placing at a price of 0.5p per share.
The Bingley-headquartered business, which is developing technology to convert non-recyclable waste into low carbon energy, said the fundraising was held to increase the company’s cash reserves following a revision of its business model.
It will also cover a significant proportion of the build and fit-out costs for the business’s new Technology Centre in Bridgend.
The Technology Centre will become the company’s new head office as well as housing a scale version of its new feedstock testing unit using Powerhouse’s proprietary DMG® technology.
Keith Riley, acting CEO, said: “This placing comes at an exciting time for PHE, as the company pursues its first commercial developments as a partner as opposed to a licensor.
“The net funds will be applied to general working capital, including ongoing works to deliver our new Technology Centre in Wales.”
Tony Gardner-Hillman, non-executive chairman, added: “The ability to raise these funds demonstrates faith in the company’s progress and enables us to move forwards with the consolidation of our staff and technology into one location.
“Potential customers, and development and project funding partners, will be able to meet the team and see for themselves the proof of the Powerhouse concept. This is a milestone for the company.”
The placing was arranged by Powerhouse’s broker, Turner Pope Investments (TPI) Ltd.
A total of 200,000,000 new ordinary shares of 0.5p each in the capital of the company has been placed by TPI at the issue price with clients of TPI.
It is expected that admission will become effective and that dealings in the fundraising shares will begin on the AIM market at 8am on or around 1 September 2023.
