PowerHouse shares rise on £1.25m grant to development partner

Waste-to-hydrogen technology company PowerHouse Energy Group announced on Monday that a grant of £1.25m has been awarded to Waste2tricity Protos for the ‘DMG’ hydrogen from waste development at Protos, near Ellesmere Port, in Cheshire.

The AIM-traded firm said its development partner, Waste2Tricity, secured the grant for the development on behalf of its subsidiary, following a successful application to the £4.1m Energy Fund competition, run by Cheshire and Warrington Local Enterprise Partnership as part of the Local Growth Fund.

It said the £1.25m grant would fund the purchase of the thermal conversion chamber, a core element of the DMG hydrogen from plastic waste plant, and would be subject to the DMG development at Protos achieving planning approval and funding by the end of March.

“We congratulate W2T and Peel on securing this award from Cheshire and Warrington Local Enterprise Partnership, representing confidence in our DMG process as an important technology to deliver clean energy from unrecyclable waste plastic,” said PowerHouse Energy chief executive officer David Ryan.

“Furthermore we are delighted and encouraged to be recognised as a component in the North West Region’s strategy to provide clean growth.”

At 0951 GMT, shares in PowerHouse Energy were up 9.74% at 0.56p.