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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Powerhouse Energy Group Plc | LSE:PHE | London | Ordinary Share | GB00B4WQVY43 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.025 | 1.00 | 1.05 | 1.025 | 1.025 | 1.025 | 5,149,639 | 07:30:32 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Scrap & Waste Materials-whsl | 380k | -46.2M | -0.0111 | -0.92 | 42.41M |
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TIDMPHE
27 September 2017
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Interim results for the six months ended 30 June 2017
PowerHouse Energy Group plc (AIM: PHE), the company focused on ultra-high
temperature waste-to-energy and waste-to-hydrogen systems, and the creator of
Distributed Modular Gasification (DMG©), announces its unaudited interim
results for the six months to 30 June 2017.
H1 2017 Highlights
Operational
* Delivery of the G3-UHt ultra-high temperature gasification demonstration
unit to the UK and successful testing and re-commissioning completed
* DMG© - Continued process and engineering development of DMG© technology
platform to convert waste to energy and to extract hydrogen from waste
(HfW)
* Board strengthened - appointment of David Ryan as Executive Director of
Programme Development
* Appointment of Chris Vanezis as CFO
* Creation of and appointments to Advisory Panel
Financial
* Equity fundraisings totalling GBP2.75 million to support the development of
DMG and the Company's commercialisation phase
* Repayment and elimination of the onerous Hillgrove Loan Note
Post-period Highlights
Operational
* Second phase of recommissioning and first extended technical trial
successfully completed
* MOU with EEH, Qatar
* Cameron Davies appointed as Non-Executive Chairman, effective from 3
October 2017
Financial
* Additional GBP1.6m raised in August via a placing of new ordinary shares at
1.0p
* Net cash balance at end of August 2017 of GBP181k. This does not include the
funds raised above which had fully cleared to the Company's bank account by
11 September 2017
For more information, contact:
PowerHouse Energy Group plc Tel: +44 (0) 203 368 6399
Keith Allaun, Executive Chairman
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / James Bavister
Turner Pope Investments Ltd (Joint Broker) Tel: +44 (0) 203 621 4120
Ben Turner / James Pope
Smaller Company Capital Limited (Joint Broker) Tel: +44 (0) 203 651 2910
Jeremy Woodgate
Allerton Communications (Media enquiries) Peter Tel: +44 (0) 20 3633 1730
Curtain
About PowerHouse Energy
PowerHouse Energy Group plc is the developer of the G3-UHt Ultra High
Temperature Gasification unit, and the creator of the Distributed Modular
Gasification (DMG)© system which allows for the distributed elimination of
waste, the generation of distributed electricity, and the production of
distributed hydrogen with the world's first hydrogen from waste process (HfW).
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 synthesis gas (syngas) for power
generation, or high-quality hydrogen as a fuel for transport. DMG© 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.
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
Interim Results for the six months to 30 June 2017
Chairman's Statement
Introduction
The first six months of 2017 has been an exciting period for PowerHouse that
saw a rapid increase in activity both in terms of technical development and
financial restructuring.
The delivery of the Company's G3-UHt Ultra-high temperature gasification unit
(G3 UHt Unit) to the UK in early 2017 and its re-siting and re-commissioning at
the Thornton Science Park Energy Centre successfully concluded the initial
testing phase of our proprietary technology. The confirmation of the G3-UHt
Unit's ability to operate at target temperature and its re-commissioning were
completed in accordance with applicable UK Health, Safety, and Environmental
regulations and standards. A regular programme of demonstration, testing,
enhancement, and consistent operation is underway at the Energy Centre and the
Board believes that Distributed Modular Gasification (DMG©) has truly begun its
industry disruptive journey.
Our technology
The focus for PowerHouse in recent years has concentrated on the efficient
generation of energy from waste, but increasingly we see exciting prospects for
the ability to convert waste into hydrogen. Our small footprint, our
high-temperature process, and our ability to generate a concentrated volume of
hydrogen on a distributed basis sets us apart from others. This process, DMG ©,
has led to one of the world's first distributed hydrogen from waste (HfW)
design.
DMG© enables the thermal-molecular conversion of waste into an energy-rich
syngas. The syngas can be used immediately to generate low emission electrical
energy which can be used locally, thereby leveraging private line or micro-grid
connections on-site. If appropriate, it can be sold directly into the National
Grid.
We believe that DMG© is a disruptive technology that could fundamentally change
the waste-to-energy market. DMG© is a mechanism for the eradication of waste,
the generation of distributed electricity, and, most importantly, the
production of distributed hydrogen - HfW - which we believe will help unleash
the hydrogen economy by providing hydrogen as a road-fuel as the demand for
Fuel Cell Vehicles (FCVs) ramps up.
Operations
The arrival of the G3-UHt Unit in the UK in March saw the start of a programme
of engineering activity to ensure that the unit would safely and securely
operate in accordance with UK Health, Safety, and Environmental guidelines. The
work followed a comprehensive knowledge transfer from the Ore-Pro team (our
prior external engineering partners) to our UK based engineering staff and
included extensive upgrading of componentry, the installation of advanced
automation, and the integration of appropriate safety controls for the system.
The unit was completely deconstructed, examined, tested, and reconstructed to
ensure its ideal operational condition.
During this period the system was moved from its initial commissioning site to
its current location in Unit 99 of the Energy Centre at the Thornton Science
Park, operated by the University of Chester. This was purpose-built as an
emissions test facility for Shell Research and is an ideal location for the
continuous operation, demonstration, and improvement of the G3-UHt Unit. The
Company has established an active engineering programme at the Centre and has
taken a two year lease on its facilities there.
In April 2017 the Company announced that the first phase of the
re-commissioning of the G3-UHt Unit had been completed, with the successful
production of syngas from the system. The G3-UHt unit operated at a temperature
of over 1000 degrees Celsius, demonstrating its capacity to successfully gasify
many historically difficult waste materials and generate synthesis gas.
The second phase of re-commissioning saw a number of improvements and
modifications made to the system, ahead of the scaling up necessary for
commercial deployment. These included the enhancement of the gas-handling
systems, refurbishment of the feed and steam generation systems and the
complete redesign and introduction of programmable safety and control systems.
During the test, the Company recorded a maximum peak flow rate of over 50 cubic
metres per hour of syngas.
Following a robust programme of testing and technical data collection, the
Company announced the completion of its first extended technical trial of the
DMG© gasification process at the Energy Centre at Thornton Science Park on 31
July 2017.
Operating on a feedstock of tyre crumb, PowerHouse engineers were able to
demonstrate control of the process at ultra-high temperature which generated a
syngas that, according to onsite, in-line, analytical instrumentation, was
greater than 50% hydrogen by volume. The remaining, measurable, constituent
elements of the syngas were CO (carbon monoxide) and CH4 (methane.)
Importantly, the in-line gas analysis equipment detected absolutely no CO2 in
the gas stream generated by the Unit. A more rigorous analysis of the syngas
produced in the DMG process will be conducted by certified external
laboratories in future trials.
Strategic alliances and Relationships
The accomplishments achieved in H1 2017 were underpinned by a number of
strategic alliances with influential partners.
Over the past several years, the Company has been working with Waste2tricity,
Thailand, in an effort to develop a pipeline of projects in that country. The
experience of working with Waste2tricity principals made establishing a UK
centric relationship between our two entities a clear option and in January
2017 PowerHouse entered into a 24 month project development relationship with
Waste2tricity, Ltd. The initial results of that relationship have led to a
substantive expansion of our UK capabilities, relationships with other
industrial partners, and a pipeline of commercial opportunities, in the UK, and
elsewhere, under consideration.
Among the introductions made by Waste2tricity on behalf of PowerHouse was to
Peel Environmental (Peel). This relationship led to the Memorandum of
Understanding announced on 6 February 2017 between the Company and Peel to
negotiate potential participation at Protos, Peel's expansive energy park near
Chester. Our relationship with Peel continues to grow and develop and, through
their introduction, led to the siting of our G3-UHt demonstration unit at the
newly established Energy Centre at the Thornton Science Park, part of the
University of Chester. This base is the hub of our future R&D activities in
co-operation with the University of Chester, including the sponsorship of a PhD
program to further the science behind Ultra-high Temperature Gasification and
the expansion of DMG©.
On 30 January 2017, Yady Worldwide SA made an investment of GBP250,000 into the
Company, showing an early commitment to the G3-UHt Unit and the continued
development and roll-out of DMG©. Yady further contributed GBP500,000 to a GBP2.5
million placing in February 2017.
The appointment of EngSolve, Ltd as our principal engineering partner,
announced in March, to assist in the re-commissioning of the G3-UHt Unit, has
proven to be extremely productive and we look forward to a long-standing and
successful relationship with their talented engineering team. We are working
closely with the EngSolve team on our commercial design efforts.
In June, the Company announced a collaboration agreement with a major UK
partner involved in the development of energy and waste projects. The partner
has committed two tranches of funding of up to GBP500,000 in aggregate to meet
the cost of preparing and funding applications for planning permission and
environmental permits of the initial demonstration unit and first five PHE
Waste-to-Energy G3-UHt systems. The agreement will require PowerHouse to supply
five systems at locations of the partners' choosing on a prioritised basis,
based upon the completion of UK Certifications and demonstration of the G3-UHt
unit in active operation. GBP100,000 of this commitment was released in July to
fund the planning development of the Company's first commercial sites.
Risk Reduction and Funding
The Board made the strategic decision to negotiate the retirement of the
Hillgrove loan note (Note) with a combination of cash and shares.
The retirement of the Note was a significant milestone for the Company as there
is no longer a financial impediment to its growth and operation.
The Note was accruing interest at a rate of 15% per annum and had reached a
value of GBP3.4M. The coupon on the Note would add approximately a half-million
pounds of fully secured debt to the Company each year.
The decision was taken to raise GBP2.5 million in a private placement and to
repay the Note with GBP2 million in cash, and issue GBP1.4 million worth of shares
at the conversion price of 0.5p. Hillgrove has agreed to release its debenture
over the Company's assets and IP upon the final settlement of the share
issuance. 280,430,920 shares will be issued in due course to Hillgrove as it
had agreed to a 12 month lock-in period and a continuing Relationship Agreement
with the Company. Hillgrove has the right to nominate a suitably acceptable
Director to the Board at its discretion.
The remainder of the proceeds of the 15 February 2017 placement provided
capital for the continued operations of the Company.
After the period end, on 24 August 2017, a further GBP1.6m was raised through a
placing of new ordinary shares at 1.0p to fund further development.
The PowerHouse Team
The company has made a number of significant appointments to strengthen the
board and management team.
David Ryan was appointed as a Non-Executive Director in late February 2017, and
on 20 March 2017, became Executive Director of Programme Development,
overseeing the technical operations of the Company. Introduced to PowerHouse by
Waste2tricity, David was the former CEO and Managing Director of Thyssenkrupp
Industrial Solutions' Oil & Gas Business Unit for the UK. Prior to his
employment with Thyssenkrupp, he founded and built a successful engineering
consulting organisation, Energy & Power Limited, which was acquired by
Thyssenkrupp in 2012.
With over 30 years of complex engineering, business development, and project
management experience, David is an expert in sophisticated design engineering
and brings a breadth of project delivery, international business management,
and general engineering acumen to the management team. David has been
instrumental in the successful siting and re-commissioning of the G3-UHt Unit
at Thornton Science Park and continues to work on the design and development of
the Company's commercial platform, DMG©.
Chris Vanezis joined the PowerHouse management team as Chief Financial Officer,
bringing an extensive background in financial accounting and waste-to-energy
finance management. In addition, the first site personnel in the UK were
hired, based at Thornton Science Park.
Clive Carver resigned from his position as Non-Executive Director in May after
serving on the Board for one year.
The first half of the year also saw the new creation of an experienced,
knowledgeable, and well-connected Advisory Panel consisting of Peter Jones OBE,
Keith Riley, Myles Kitcher, Roudi Baroudi, and Howard White. The value of the
Advisory Panel is leading to an acceleration of our commercial activities as is
evidenced by the MOU announced 20th September 2017 between PowerHouse and EEH
regarding potential HfW activities in Qatar for broadly rolling out the
Company's DMG© platform.
Of significant note is the Company's appointment of Dr. Cameron Davies as
Non-Executive Chairman of the Board of Directors, announced on 24 August 2017.
Dr. Davies' many accomplishments, his extensive experience, and his steady hand
will serve the Company well as we move forward. Having known Dr. Davies for
nearly a year now, I am eager for his tenure to commence. His appointment bodes
well for the future of PowerHouse and it is anticipated that his appointment
will take effect on 3 October 2017. On Dr. Davies' appointment I will
relinquish my position as Executive Chairman to become the Chief Executive
Officer of the Company.
Current trading and Outlook
The first half of the year has seen a tremendous amount accomplished by the
Company and the recent placing, raising GBP1.6 million has provided the funding
we require to begin revving our commercial engine.
We have created what we believe to be a disruptive philosophy in DMG©:
distributed waste destruction; distributed electrical generation; distributed
hydrogen production. We have taken a contrarian approach to the megaliths of
the past and believe in bringing the solution to where the problem lies. We are
positioned to do something powerful for communities across the UK and
throughout the world. We believe that DMG© today is but a ripple in the pond
but that in time it will help redefine how our environment is managed and play
a key role in the evolution of transport, - as the ripple turns into a wave of
opportunity for positive change in our world.
PowerHouse Energy Group plc no longer sees itself solely in the Waste to Energy
category of companies, but now Waste to hydrogen. We are convinced that the
hydrogen economy is coming and that we have a big part to play. And DMG© will
help fuel our future. Cleanly.
As always, we appreciate your continued support.
Keith Allaun
Executive Chairman
27 September 2017
Statement of Comprehensive Income
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 June 30 June 31 December
Note 2017 2016 2016
GBP GBP GBP
Revenue - - -
Cost of sales - - -
Gross Loss - - -
Administrative expenses (424,144) (639,057) (851,903)
Research and development (202,842) - -
Operating loss (626,986) (639,057) (851,903)
Finance costs (69,863) (241,968) (482,106)
Loss before taxation (696,849) (881,025) (1,334,009)
Taxation - - -
Loss after taxation (696,849) (881,025) (1,334,009)
Total comprehensive expense (696,849) (881,025) (1,334,009)
Total comprehensive expense
attributable to:
Owners of the Company (696,849) (881,025) (1,334,009)
Non-controlling interests - - -
Basic and Diluted Loss per share in 3 (0.08) (0.18) (0.24)
pence
The notes numbered 1 to 5 are an integral part of the interim financial
information.
Statement of Changes in Equity
Shares and Accumulated Share
stock losses premium Total
GBP GBP GBP GBP
Balance at 1 January 2016 (audited) 5,264,600 (55,145,999) 46,921,180 (2,960,219)
Transactions with equity - - -
participants:
- Shares issued 696,547 - (100,475) 596,072
Total comprehensive income:
- Loss after taxation - (881,025) - (881,025)
Balance at 30 June 2016 (unaudited) 5,961,147 (56,027,024) 46,820,705 (3,245,172)
Transactions with equity
participants:
- Shares issue 192,308 - 211,284 403,592
Total comprehensive income:
- Loss after taxation - (452,984) - (452,984)
- Share based payment - 68,000 - 68,000
Balance at 31 December 2016 (audited) 6,153,455 (56,412,008) 47,031,989 (3,226,564)
(GBP)
Transactions with equity
participants:
- Shares issued to settle liabilities 37,300 - 32,700 70,000
- Shares issued 1,741,071 - 853,803 2,594,874
Total comprehensive expense:
- Loss after taxation - (696,849) - (696,849)
Balance at 30 June 2017 (unaudited) 7,931,826 (57,108,857) 47,918,492 (1,258,539)
The notes numbered 1 to 5 are an integral part of the interim financial
information.
Statement of Financial Position
(Unaudited) (Unaudited) (Audited)
As at As at As at
30 June 30 June 31 December
Note 2017 2016 2016
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 2,424 - 2,424
Total non-current assets 2,424 - 2,424
Current Assets
Trade and other receivables 90,772 9,009 6,336
Cash and cash equivalents 144,616 354,269 148,151
Total current assets 235,388 363,278 154,487
Total assets 237,812 363,278 156,911
LIABILITIES
Non-current liabilities
Loans 4 - (3,506,678) -
Total non-current liabilities - (3,506,678) -
Current liabilities
Loans 4 (1,402,155) - (3,332,292)
Trade and other payables 5 (94,196) (101,772) (51,183)
Total current liabilities (1,496,351) (101,772) (3,383,475)
Total liabilities (1,496,351) (3,608,450) (3,383,475)
Net Liabilities (1,258,539) (3,245,172) (3,226,564)
EQUITY
Shares and stock 2 7,931,826 5,961,147 6,153,455
Share premium 47,918,492 46,820,705 47,031,989
Accumulated losses (57,108,857) (56,027,024) (56,412,008)
Total deficit (1,258,539) (3,245,172) (3,226,564)
The notes numbered 1 to 5 are an integral part of the interim financial
information.
Statement of Cash Flows
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31
Note 30 June 30 June December
2017 2016 2016
GBP GBP GBP
Cash flows from operating activities
Operating loss (626,986) (639,057) (851,903)
Adjustments for:
- Share based payment - 68,000 68,000
- Renewme settlement - - 299,152
- Share settled payment 70,000 - -
Changes in working capital:
- (Increase) / Decrease in trade and (84,436) (7,401) (4,885)
other receivables
- Increase / (Decrease) in trade and 43,013 (116,436) (147,601)
other payables
Net cash used in operations (598,409) (694,894) (637,237)
Cash flows from investing activities
Purchase of fixed assets - - (2,424)
Cash flows from financing activities
Share/stock issues (net of issue costs) 2,594,874 588,618 700,512
Finance costs (69,863) (241,968) (482,106)
Loans received 69,863 526,763 577,567
Loans repaid (2,000,000) - (183,911)
Net cash flows from financing activities 594,874 873,413 612,062
Net (decrease) / increase in cash and cash (3,535) 178,519 (27,599)
equivalents
Cash and cash equivalents at beginning 148,151 175,750 175,750
of period
Cash and cash equivalents at end of 144,616 354,269 148,151
period
The notes numbered 1 to 5 are an integral part of the interim financial
information.
Notes (forming part of the interim financial information)
1. Summary of significant accounting policies
The following accounting policies have been applied consistently in dealing
with items which are considered material in relation to the financial
information.
1.1. Basis of preparation
This interim consolidated financial information is for the six months ended 30
June 2017 and has been prepared in accordance with International Accounting
Standard 34 "Interim Financial Statements". The accounting policies applied are
consistent with International Financial Reporting Standards ("IFRS") adopted
for use by the European Union. The accounting policies and methods of
computation used in the interim consolidated financial information are
consistent with those expected to be applied for the year ending 31 December
2017.
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2017, but is derived from
those accounts. Statutory accounts for 2016 have been delivered to the
Registrar of Companies. The auditors have reported on those accounts: their
report was qualified and contained a disclaimer of opinion and contained
statements under section 498(2) or (3) of the Companies Act 2006.
1.2. Going concern
The Directors have considered all available information about the future events
when considering going concern. The Directors have reviewed cash flow
forecasts for 12 months following the date of these Financial Statements.
The cash balance held at 30 June 2017 together with the further fund raise
completed after this date is considered sufficient to ensure the company can
pay its debts as they fall due. Based on this, the Directors believe it is
appropriate to continue to adopt the going concern basis of accounting for the
preparation of the interim financial statements.
1.3. Functional and presentational currency
This interim financial information is presented in GBP sterling which is the
Group's functional currency.
2. SHARE CAPITAL
0.5 p 0.5p Deferred 4.5 p 4.0 p Deferred
Ordinary shares Deferred shares
shares shares
Balance at 1 January 2017 607,934,536 388,496,594 17,373,523 9,737,353
Shares issued 355,674,320 - - -
Balance at 30 June 2017 17,373,523 9,737,353
963,608,856 388,496,594
The deferred shares have no voting rights and do not carry any entitlement to
attend general meetings of the Company. They will carry only a right to
participate in any return of capital once an amount of GBP100 has been paid in
respect of each ordinary share. The Company will be authorised at any time to
affect a transfer of the deferred shares without reference to the holders
thereof and for no consideration.
On 30 January 2017 the Company issued 35,714,285 ordinary shares of 0.5p each
at a price of 0.7p each, totalling GBP250,000.
On 15 February 2017 and 15 March 2017 the Company issued 250,000,000 and
62,500,000 ordinary shares of 0.5p each respectively at a price of 0.8p each,
totalling GBP2,500,000.
On 17 January 2017 PowerHouse announced it had entered into a Cooperation
Agreement to appoint Waste2tricity plc as its exclusive Project Development
Consultant in the UK. In accordance with the terms of the agreement, on 27 June
2017 the Company issued Waste2Tricity with 7,460,035 ordinary shares of 0.5p
each in the Company in lieu of cash payment of GBP70,000.
3. Loss per share
(Unaudited) (Unaudited) (Audited)
As at As at
30 June 30 June As at
31 December
2017 2016 2016
GBP GBP GBP
Total comprehensive (expense)/profit (881,025) (1,334,009)
(GBP GBP) (696,849)
Weighted average number of shares 482,036,976 551,433,936
862,671,965
Basic and Diluted Loss per share in (0.08) (0.18) (0.24)
pence
4. LOANS
(Unaudited) (Unaudited) (Audited)
As at As at
30 June 30 June As at
31 December
Notes 2017 2016 2016
GBP GBP GBP
Hillgrove Investments Pty Limited 4.1 1,402,155 3,506,678 3,332,292
Total loans 1,402,155 3,506,678 3,332,292
Classified as:
- Current 1,402,155 - 3,332,292
- Non-current 3,506,678 -
-
4.1. Hillgrove Loan
Hillgrove Investments Pty Limited ("Hillgrove") has provided the Company with a
convertible loan which is secured by a debenture over the assets of the company
and carries interest of 15 per cent per annum. Hillgrove had the option at any
time to convert the loan in part or whole at a conversion price of 0.5p per
share.
On 29 April 2017, the Company announced that Hillgrove had accepted a
settlement of this loan for a GBP2 million cash pay-out, and conversion of the
residual balance of GBP1,402,155 into newly issued share capital of the Company
at the previously agreed 0.5p conversion price, amounting to 280,430,920
shares. These shares are yet to be issued. Hillgrove will hold a total of
300,430,920 shares of the enlarged issued share capital of the Company.
Hillgrove has committed to a 12 month lock-in period for its newly issued
shares. Hillgrove is a related party as defined by the Aim Rules for Companies
and accordingly the Hillgrove Note payout and share conversion is deemed a
Related Party Transaction.
5. TRADE AND OTHER PAYABLES
(Unaudited) (Unaudited) (Audited)
As at As at
30 June 30 June As at
31 December
2017 2016 2016
GBP GBP GBP
Trade creditors 75,696 51,840 34,183
Other accruals 18,500 49,932 17,000
Total trade and other payables 94,196 101,772 51,183
Classified as:
- Current 94,196 101,772 51,183
- Non-current - - -
END
(END) Dow Jones Newswires
September 27, 2017 02:00 ET (06:00 GMT)
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