The Powerhouse Energy Group PLC (LON: PHE) share price fell by 10.4% after releasing the audited financial results for the year ended 31 December 2022. The company generated revenues worth £380,277 and a gross profit for the year of £84,365.
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Some of the report’s highlights included the ongoing development of the Powerhouse Technology Centre at Bridgend, which will position Powerhouse at the forefront of the waste-to-energy sector in gasification and pyrolysis. The company also noted that it had significantly changed its business strategy.
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Other crucial milestones achieved by the company include acquiring the remaining 50% stake in the Peel NRE Ltd special purpose vehicle (SPV), Protos Plastics-to Hydrogen No 1 Ltd – transaction, which saw it acquire 100% of the share capital. However, the deal was completed post the year-end.
Powerhouse Energy also negotiated for a 50% stake with Hydrogen Utopia International Plc at Konin in Poland and Tipperary, Ireland. The company also appointed Antony Gardner-Hillman as Non-Executive Chairman. Anthony Gale and David Hitchcock were also appointed as new Non-Executive Directors.
The company made significant strides in changing its business model from one where it licenses PHE technology to third-party developers for flat returns via fixed annual licence fees to one where it pursues joint venture opportunities and is involved in developing projects that use its technology.
PHE announced a Joint Venture with Hydrogen Utopia International Plc at County Longford in Ireland, replacing the Tipperary project. It also secured full ownership and control of the Protos Plastics-to Hydrogen No 1 Ltd site near Chester.
Powerhouse Energy also acquired the remaining 52% of Engsolve, the Company's engineering capability and appointed Noage Energy Ltd as its representative in Northern Ireland.
Keith Riley, PHE’s Acting CEO, commented: “In 2022, we commenced a transition in the Company's business strategy that will start to be realised in 2023. This will be to recognise market demand and to provide the Company with a continuing revenue stream, and enable its capital projects to be developed as the necessary elements come into place. We have also broadened the base of the business to allow this to happen.”
*This is not investment advice.
Powerhouse Energy (PHE) share price.
The Powerhouse Energy share price fell 10.41% to trade at 0.43p, from its daily high of 0.48p.
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