PowerHouse posts interim results as it moves to commercialisation
Updated : 09:36
Ultra high gasification waste to energy systems company PowerHouse announced its unaudited interim results for the six months to 30 June on Wednesday as it continued its development programme.
The AIM-traded firm said that during the period, its Hillgrove Investments convertible loan note was increased by AUD 176,000 and facility repayment extended to at least 30 June 2017.
It also completed equity fundraising of £575,000 to support the completion of testing and commercial roll out.
The period was focussed on the G3-UHt Ultra High Gasification waste to energy system testing programme, the board said, with it signing a commercial cooperation agreement with PowerHouse Energy Americas.
Settlement was agreed with RenewMe during the half-year, and Clive Carver was appointed as a non-executive director.
Post-period end, PowerHouse said it completed its G3 testing programme and commenced the commercialisation phase, with key personnel hired to support the commercial roll-out.
It also flagged early discussions with a number of potential clients.
PowerHouse’s cash balance is at the end of the first half was £0.45m.
At 0914 BST, shares in PowerHouse Energy were up 3.79% at 0.86p.