Completion of lease on Technology Centre

RNS Number : 2077T
Powerhouse Energy Group PLC
16 March 2023
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

 

16 March 2023

 

Powerhouse Energy Group Plc

 (the "Company" or "PHE")

 

Completion of lease on Powerhouse Technology Centre

 

Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy, is pleased to announce that it has entered into a lease agreement for a building to house the forthcoming Powerhouse Technology Centre (the "Centre"), formerly referred to as the Global Technology Innovation Centre.

 

The Centre is being created to develop the technology readiness level, the technologies and systems that PHE has within its offering, reinforcing the Company's growth strategy as well as its future pipeline of low carbon solutions. The objectives while finding a location were to be close to manufacturing, technology and research networks, at the same time making the centre accessible to customers. The Centre will be located at Unit 3/3A, Garth Drive, Brackla Industrial Estate, Bridgend CF31 2AQ and extends to 938 square metres, which will house the feedstock testing unit, offices and facilities for meetings and presentations.  The lease term is 10 years with a break option at 5 years; at a rental of £46,000 per annum.

 

Bridgend is regarded as one of the premier business locations in South Wales, situated midway between Cardiff and Swansea, and meets all of our criteria for the site. PHE will use existing cash resources to fit out the Centre, which is anticipated to cost approximately £2million, including the testing equipment.

 

Keith Riley, Acting Chief Executive Officer of PHE, commented:

 

"This is the exciting first step forward in establishing Powerhouse's new centre for technical development and R&D.  A feedstock testing unit - much closer in design to the commercial thermal conversion chamber than the current demonstrator - is currently being manufactured and will be installed at Bridgend once the building has been made suitable for our use.

 

"In addition to providing Powerhouse with a self-contained facility for our testing and research, the Centre will serve as a main office for the Company close to Engsolve Ltd, where most of our engineering work is carried out, consolidating the Company's business."

 

 

For more information, contact:

 

Powerhouse Energy Group plc

Keith Riley

 

 

powerhouse@tavistock.co.uk

 

WH Ireland Limited (Nominated Adviser)

James Joyce

James Bavister

Enzo Aliaj

 

 

+44 (0) 207 220 1666

Turner Pope Investments (TPI) Ltd (Joint Broker)

Andrew Thacker

James Pope

 

 

+44 (0) 203 657 0050

Tavistock (Financial PR)

Simon Hudson

Nick Elwes

Heather Armstrong

powerhouse@tavistock.co.uk

 

 

 

 

About Powerhouse Energy Group plc

Powerhouse Energy has developed a process technology which can utilise waste plastic, end-of-life-tyres, and other waste streams to convert them efficiently and economically into syngas from which valuable products such as chemical precursors, hydrogen, electricity, heat and other industrial products may be derived.

 

Powerhouse Energy's process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.

 

Powerhouse Energy is quoted on the London Stock Exchange's AIM Market under the ticker: PHE and is incorporated in England and Wales.

For more information see www.powerhouseenergy.co.uk

 

About Engsolve Ltd

 

Engsolve Ltd is multi-disciplined engineering consultancy with offices in Bridgend, Wales.  PHE holds a 48% shareholding in the company, and the two companies have worked closely on PHE projects, with Engsolve providing engineering and project management services.

For more information see www.engsolve.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCJFMPTMTJBMRJ
UK 100

Latest directors dealings