POWERHOUSE ENERGY GROUP PLC - Issue of Equity
London, February 5
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Issue of Equity
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces that the Company is issuing 6,000,000 ordinary shares of 0.5p each in the Company ("Ordinary Shares") further to the exercise of options at 0.6p per Ordinary Share.
Application has been made for the admission of 6,000,000 Ordinary Shares to trading on AIM ("Admission") and it is expected that this will occur on or around 9 February 2021. These shares will rank pari passu in all respects with the Company's existing issued Ordinary Shares.
Subsequent to the issue of Ordinary Shares, the Company will have 3,907,814,135 Ordinary Shares in issue. Powerhouse has no shares in Treasury, therefore this figure may be used by shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For more information, contact:
|Powerhouse Energy Group plc||Tel: +44 (0) 203 368 6399|
|Tim Yeo, Executive Chairman|
|WH Ireland Limited (Nominated Adviser)||Tel: +44 (0) 207 220 1666|
|James Joyce/ Lydia Zychowska|
|Turner Pope Investments Ltd (Joint Broker)||Tel: +44 (0) 203 657 0050|
|SisterSmith PR (media enquiries)|
Mob: +44 (0) 7766522305
Notes for editors:
About Powerhouse Energy Group plc
Powerhouse, the sustainable hydrogen company, has developed a proprietary process technology - DMG - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. Powerhouse's technology is one of the world's first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG process can generate up to 2 tonnes of road-fuel quality hydrogen and more than 58MWh of exportable electricity per day.
Powerhouse's process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, Powerhouse will receive an annual license fee of GBP500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net