New Powerhouse CEO 'confident' in company's future

Plastic-to-hydrogen technology company Powerhouse Energy Group said in an update on Friday that, following the recent appointment of Paul Drennan-Durose as chief executive officer, it had been working closely with Peel NRE on their Protos plant project in the UK.

The AIM-traded firm said it had been “very much involved” in the process of selecting construction partners for the ultimate build phase, and the financial assessment of the special purpose vehicle’s business plan.

In addition, the new CEO had been meeting other members of the international waste and hydrogen ecosystem Powerhouse operates within, including “premium grade” suppliers, other technologists, and potential project partners, to explore other potential routes for the company to develop and commercialise technology.

Management was also “actively scoping” opportunities to further develop the “technology readiness level” of its offering, and to showcase that across international platforms.

The company said it had been examining and reviewing the Powerhouse business and its operations, with a view to setting out an “evolved” business model to seek optimal results and value for all stakeholders.

Powerhouse said it should be in a position to share that and other developments in more detailed announcements “shortly”, and the strategic path at or around the time of the next annual general meeting.

“It’s now been 11 or so weeks since becoming Powerhouse CEO, and in joining the rest of the board in leading the business on the next phase of its development,” said Paul Drennan-Durose.

“As you would expect in these early stages, I and the new board members, and our new chairman, have been in an intense discovery phase, which has included rapidly meeting with many of the stakeholders and partners that Powerhouse has entered relationships with, and with potential collaborators and partners.

“We are confident in the future of the business, applying learning from the company’s prior experiences, and capitalising on the increasing market relevance, and the increased relevant experience we are building within Powerhouse and its network.”

At 1214 BST, shares in Powerhouse Energy Group were down 6.13% at 1.99p.

Reporting by Josh White at Sharecast.com.