24 August 2017
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
PowerHouse appoints energy entrepreneur Dr Cameron Davies
as Chairman and completes £1.6 million raise to fund commercial development
PowerHouse Energy Group plc (AIM: PHE), the company focused on ultra high
temperature gasification, waste-to-hydrogen, waste-to-energy, and the creator
of Distributed Modular Gasification (DMG)©, is pleased to announce the
appointment of Dr Cameron Davies as Non-Executive Chairman of the Company and
the successful completion of an oversubscribed £1.6 million placing and direct
subscription to finance the next phases of engineering and commercial
development activities. Keith Allaun, currently Executive Chairman, will
transition to CEO to lead the commercial development of the business, and will
remain a member of the Board of Directors. It is expected that the transition
will occur upon Dr Davies joining the Company on or about 1 October 2017.
Dr Davies is a capable business leader who has successfully grown revenues and
profits in a quoted alternative energy company. As founder, CEO, and Executive
Director of AIM-quoted Alkane Energy plc (now Alkane Energy Limited), he led
that company through each phase of its development. He built Alkane from its
initial concept to the point of providing over 160MW of connected power
generation, and a successful exit for his shareholders - a c. £60 million sale
to Balfour Beatty Infrastructure Partners in October 2015. Prior to Alkane Dr
Davies led a number of other start-up companies and is currently a
Non-executive Director of AIM-quoted Ascent Resources plc.
Dr Davies was awarded a PhD in Applied Geochemistry from Imperial College
London. Over the course of the past 20 years Dr Davies has evaluated numerous
gasification technologies and projects. He is also a Fellow of the Geological
Society of London a member of the European Petroleum Negotiators Group, and the
Petroleum Exploration Society of Great Britain.
Keith Allaun said: "Over the past 6 months, we conducted an extensive search to
ensure that we identified the best possible candidate for the Chairman role. Dr
Davies' background in gasification, his extensive entrepreneurial and public
company experience, and his passion for the vision of PowerHouse made him the
ideal match at this point in our development. His considerable achievements,
both technical and commercial, should inspire the confidence of our
Shareholders and partners in the direction the Company is taking. Cameron's
extensive contacts throughout industry and government, both in the UK and
internationally, will be of great value to the Company as we begin to
accelerate our commercial strategy."
Dr Davies said: "I am pleased and excited to be joining PowerHouse at this
crucial juncture. I've been following the Company with keen interest for over a
year and am impressed by the progress that Keith and his team have made in
positioning the Company for its next phase of growth. PowerHouse is well
advanced in its plan to produce low-cost hydrogen for road-fuel use while
addressing the growing issues of landfill diversion and waste eradication. I am
looking forward to helping the Company accelerate its commercial strategy,
develop the business operationally, and expand an already excellent team."
PowerHouse also announces it has completed a fundraising of £1.6 million,
through the issue of 160,000,000 new Ordinary Shares of 0.5p per share
("Shares"). The fundraise was completed at a price of 1p per Share representing
an 18% discount to the closing price at 21 August. The placement price was a
greater than 20% premium over the Company's last placement in February 2017.
The proceeds of the fundraising will be used primarily to accelerate the
engineering of the commercial platform for Distributed Modular Gasification.
Additionally, the proceeds will help fund expansion of the team and continued
research and testing of the processes.
Mr. Allaun added: "The previous £2.5 million placing announced on 15 February
of this year was largely to eliminate the long-standing convertible loan note,
with £2 million of those proceeds used for that purpose. This placement is
wholly dedicated to the funding of our accelerating growth."
The fundraising has been managed by Turner Pope, Joint Broker.
Application has been made to the London Stock Exchange for admission of the
160,000,000 new Shares to trading on AIM ("Admission"). It is expected that
Admission will take place on or around 30 August 2017 and that dealings in the
new Ordinary Shares on AIM will commence at the same time. The new Ordinary
Shares rank pari passu in all respects with the existing Ordinary Shares in
issue.
On Admission, the Company's issued share capital will consist of 1,123,608,856
Ordinary Shares. 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.
The additional funds raised in the placing will contribute to the operating
capital of the Company.
The following information is disclosed in accordance with Schedule 2 paragraph
(G) of the AIM Rules for Companies:
Dr William Cameron Davies, aged 74, has been a director or partner of the
following companies during the five years preceding the date of this
announcement:
Current Within the past 5 years
Ascent Resources PLC Alkane Energy Limited (formerly Alkane Energy
plc)
Cameron Energy Advisors Limited
Association of Coal Mine Methane Operators
(ACMMO)
There are no further disclosures required in relation to Rule 17 or paragraph
(G) of Schedule 2 of the AIM Rules for Companies.
For more information, contact:
PowerHouse Energy Group plc
Keith Allaun, Executive Chairman Tel: +44 (0) 203 368 6399
WH Ireland Limited (Nominated Adviser)
James Joyce / James Bavister Tel: +44 (0) 207 220 1666
Turner Pope Investments Ltd (Joint Broker)
Ben Turner / James Pope Tel: +44 (0)
203 621 4120
Smaller Company Capital Limited (Joint
Broker)
Jeremy Woodgate Tel: +44 (0) 203 651 2910
Allerton Communications (Media Relations)
Peter Curtain Tel: +44 (0) 203 137 2500
peter.curtain@allertoncomms.co.uk
About PowerHouse Energy
PowerHouse Energy Group plc is the developer of the G3-UHt Ultra High
Temperature Gasification Waste-to-Energy unit, and the creator of Distributed
Modular Gasification© which allows for the elimination of waste, the generation
of distributed electricity, and the production of distributed hydrogen.
The Company is focused on technologies to enable projects for energy recovery
from municipal and industrial waste streams that would otherwise be directed to
landfills and incinerators; or from renewable and alternative fuels such as
biomass, tyres, and plastics to create syngas for power generation, or
high-quality hydrogen for transportation.
Distributed Modular Gasification© allows for easy, economical, deployment and
scaling of an environmentally sound solution to the growing challenges of waste
elimination, electricity demand, and distributed hydrogen production.
Distributed Modular Gasification and DMG are copyrights of PowerHouse Energy
Group plc.
PowerHouse is quoted on the London Stock Exchange's AIM Market. The Company is
incorporated in the United Kingdom.
For more information see www.powerhouseenenergy.net . PowerHouse may also be
followed on Vox Markets at www.voxmarkets.co.uk/company/PHE.
The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No. 596/
2014.