Powerhouse Energy reports solid first-half operational progress

(Sharecast News) - Powerhouse Energy Group reported solid progress across its operations in its first half on Thursday, as interest in its waste-to-energy technology continued to grow. The AIM-traded company, which was holding its annual general meeting, confirmed that its feedstock testing unit (FTU) and technical centre were now fully operational, and that its engineering division Engsolve delivered over £1m in contracts in the first four months of the year.

Key developments included the completion of front-end engineering design (FEED) work for National Hydrogen in Australia, a proposed collaboration with Avioxx to explore using Powerhouse's 2.5 tonnes-per-day DMG unit for sustainable aviation fuel (SAF) production, and a letter of intent for hydrogen offtake from the Ballymena project signed with B.S. Holdings.

"We have seen a very significant uptick in interest following the completion of the FTU and our CMD whilst also advancing our key projects," said CEO Paul Emmitt.

"It has also been particularly pleasing to see the excellent performance from Engsolve which we expect to continue into the second half of the year."

The company said more than 25 potential opportunities had been identified following its capital markets day in March, of which 16 were deemed commercially feasible.

A recent £1.375m fundraising further strengthened the balance sheet.

Powerhouse also noted it had secured new patents in the US and Europe, and confirmed that its land option agreement for a potential project in Longford had expired, allowing resources to be redirected to other opportunities.

Looking ahead to the second half, the company said it was planning to market the 2.5 tpd DMG units as standalone products, expand its global presence via agents on a no-win-no-fee basis, and support partner Altec in pursuing projects in Thailand.

Progress was also expected on the Ballymena initiative and the wider project pipeline.

At 1235 BST, shares in Powerhouse Energy Group were up 2.45% at 0.54p.

Reporting by Josh White for Sharecast.com.