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Powerhouse Energy Group PLC (LSE:PHE) reported positive momentum for the first half of the year, driven by a new business strategy tailored to the company's strengths. The firm, specializing in converting non-recyclable waste into low-carbon energy, has revamped its approach to focus on generating revenue from licensing fees, royalties, and engineering services. This strategic shift is being guided under the leadership of newly appointed Chairman David Hitchcock.
Significant achievements during the half-year include the installation of a new kiln and gas clean-up systems at the Brackla Technology Centre, as part of its Feedstock Testing Unit. The company also secured a five-year framework agreement with Australia’s National Hydrogen and made notable progress on the Ballymena project in Northern Ireland, where lease terms have been agreed and legal documentation is in progress.
Powerhouse’s joint venture with Hydrogen Utopia is advancing pre-permit work in Ireland, while the company is exploring new opportunities in Thailand in collaboration with Altec Energy. Additionally, the company's engineering consulting division, Engsolve, is now fully integrated and has contributed to new revenue streams.
Although the Protos Plastics Park project remains a lower priority, Powerhouse retains an option on the site. The revenue for the first half of 2024 was reported at £385,700, a significant increase from zero the previous year. Cash reserves stood at £2.7 million as of June 30, following a gross profit of £98,200 and a pre-tax loss of £1.2 million.
Hitchcock highlighted the installation of the Feedstock Testing Unit at the Powerhouse Technology Centre as a major milestone. The kiln and gas clean-up package are already operational, with additional sections being connected. This facility is expected to become a cornerstone for advancing the company’s technology and capabilities.
Looking ahead, Hitchcock expressed optimism for the second half of the year, anticipating further progress on the company’s projects and pipeline of opportunities. The fully operational technology centre is expected to enhance the company's ability to advance its projects and innovate its service offerings.
Overall, the positive developments and strategic refinements are setting a promising stage for Powerhouse Energy Group PLC as it moves forward with its growth objectives and project advancements.
