PowerHouse Energy appoints new chairman after completing £1.6m fundraiser

PowerHouse Energy Group plc has announced the appointment of Dr Cameron Davies as non-executive chairman and the completion of an oversubscribed £1.6m fundraiser.

The company, based in Bingley, is focused on ultra high temperature gasification, waste-to-hydrogen, waste-to-energy, and is the creator of Distributed Modular Gasification.

The £!.6m placing and direct subscription is expected to finance the next phases of engineering and commercial development activities/

Keith Allaun, the current executive chairman, will transition to CEO to lead the commercial development of the business, and will remain a member of the board of directors.

Dr Davies has previously 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 then subsequently helped complete a £60m sale to Balfour Beatty Infrastructure Partners in October 2015.

Keith Allaun said: “Over the past six 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.”

Dr Davies added: “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. The fundraiser was completed at a price of 1p per Share representing an 18% discount to the closing price at 21st August.

The proceeds of the fundraising will be used 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 said that the this fund “is wholly dedicated to the funding of our accelerating growth.”

The fundraising has been managed by Turner Pope, Joint Broker.