An operational review of business activities at Powerhouse Energy, the Merseyside-based extractors of clean hydrogen from end-of-life plastics, is expected to be complete by or around the time of its AGM in July, its recently appointed CEO told investors today.
Paul Drennan-Durose took over as CEO in February, joining from cleantech energy developers Heliex Power. He was joined by a new non-executive chair Russell Ward, and by experienced energy investor Hugh McAlister. Ward and his new CEO had worked as colleagues at Heliex.
Powerhouse’s executive chairman had been former energy minister Tim Yeo. He stepped down with immediate effect in August ‘for personal reasons’.
Powerhouse’s landlords intend their site, part of the Cheshire Energy Hub, to be Britain’s first ‘plastic park’, a repository and transformation hub for its share of the 4.9 million tonnes of waste plastic which the nation produces each year.
Powerhouse’s business centres around its proprietary Distributed Modular Generation (DMG) technology. The innovation is claimed to be capable of producing up to two tonnes a day of 99.999% pure, “road-quality” hydrogen from a typical disposal plant’s daily 40 tonnes of waste plastics.
Rothesay Dock in Glasgow was announced last year as the second of an intended dozen plants the partners plan for on-site production of the clean gas.
Powerhouse told investors that Drennan-Rose had spent much of his first weeks meeting members of the international “waste and hydrogen ecosystem” within which it operates Talks with premium grade suppliers, other technologists, and potential project partners had sought to explore other potential routes for the company to develop and commercialise technology.
Demonstrating the readiness levels of DMG, and showcasing it to international audiences, had been an active recent pursuit, the firm said. Further conclusions on commercialising the firm’s activities were intended for release “at or around the time of the AGM”, Powerhouse said.
By mid-afternoon, Powerhouse’s share price on AIM had dropped over 8% to a year low of 1.95 pence. It later recovered to 1.97 pence.