Refocused strategy at low carbon energy business following tough year
Low carbon energy firm, Powerhouse Energy Group, says it is now focused on Licensing fees, Royalties and Engineering Services Revenues as it publishes its audited results for the year ended 31 December 2023.
The Bingley-based group, which is developing technology to convert non-recyclable waste into low carbon energy, has completed a major strategic review of its operations.
It has reported revenue for 2023 of £181,000 (2022: £380,000).
Powerhouse also recorded an overall loss in 2023 of £1.4m as it continued to develop its technology and pipeline. This compared to a loss in 2022 of £46.2m, with most of this being driven by an impairment charge.
David Hitchcock, acting non-executive chairman, said: “The period under review has seen us re-assess where the focus of the business should be going forward so that as a company we concentrate on strengths in order to grow the business and deliver value for our shareholders.
“We strongly believe that by focusing on licensing fees and royalties and engineering services revenues we will deliver on this and ensure that we realise the full value for Powerhouse.
“The actions we have taken in the last year have left the company on a very solid footing from which to further progress and grow in the year ahead.”
Paul Emmitt, chief executive officer, added: “Despite being a challenging year, the company made excellent progress in 2023.
“Our business model of joint venture arrangements with project development partners, giving Powerhouse more control, and providing greater upside opportunity for our shareholders we believe is already gaining traction and bearing fruit.
“This year will be an exciting one for Powerhouse and we look forward to providing updates on our project pipeline as they progress.”