In a regulatory announcement released on 1 April 2016 by the Company, but drafted by its outgoing nominated adviser Allenby Capital Limited (?Allenby?), it was stated that the Company had received ?a claim? from RenewMe Limited (?RenewMe?). That statement, made by Allenby, was factually incorrect.
As announced on 3 March 2014, PowerHouse and RenewMe entered into a settlement agreement. That agreement was not completed because the sum of ?211,000 remains payable under that agreement. The liability and the reasons for it were specifically noted in note 9 of the Company?s audited accounts for the year ended 31 December 2014 (as announced on 30 June 2015). The Company has had a number of amicable conversations with RenewMe about settling this liability. In February 2016 the Company and RenewMe had further, confidential discussions at which an, in principle, agreement was reached to settle the liability in new shares in the Company, at a no-cash cost to the Company. It is these negotiations that Allenby deemed fit to characterize as a claim, notwithstanding that (a) the liability had been disclosed in the Company?s audited accounts (as announced) (b) the confidential negotiations were ongoing, amicable, and not finalized and (c) no formal claim has been made and no legal proceedings having been issued.
The Directors are aware that the announcement made on 1 April 2016 has caused significant disquiet among shareholders. The Directors remain committed to finalising terms with RenewMe without the Company incurring a cash cost and to the appointment of a new Nominated Adviser, which they are actively pursuing. Shareholders should note that if within one month of the Company's suspension it has failed to appoint a replacement Nominated Adviser, the admission of the Company's securities will be cancelled from AIM.
The Company additionally announces that final testing has resumed on the G3-UHt System in Brisbane, Australia and a further announcement regarding the results will be forthcoming in the coming weeks.
Yes since nearing completion it has gone through yet more modifications and the ironing out of minor issues to enable superior operation.
Modularity, cost, footprint, efficiency, operating expense have all improved.
This is a revolution. You never know we might even sell one.
The Company wishes to announce that there have been scheduling delays in finalising the testing program for its newly designed PHE G3 UHt system. Component testing was completed in a timely manner, however completion of full system functionality has not yet been achieved.
A few, minor, technical issues have been identified and fully resolved through the testing program. However, scheduling of the final stress testing and the collection of system-wide engineering data, mass/energy balance, and complete system efficiency has yet to be demonstrated. Based upon the success of component testing to date, short-term testing of the overall system, and repeated cycling of the high-temperature unit, it is not expected that any substantive technical issues will arise during the final testing.
Initiation of final testing of the system is expected during April. Completion of final testing will allow the Company to move to the next phase of data collection and analysis of multiple feed-stocks, including Auto Shredder Residue (ASR), and provide the Company with information necessary to successfully enter the market with the PHE G3-UHt design. The Company will update the market upon the completion of final testing.
He's bought nearly 53.5m shares this year (£300k?). Either a much braver person than I am or he knows something I don't. With all of last years delays and no updates since 3rd December, I'm expecting bad news and for now am content just to watch this company.
So, the company has raised around £300,000 over the last couple of months, for 'working capital' purposes. As ever, a hefty dilution to existing shareholders and still no news on contract negotiations or how the demonstrations have gone.....
Be careful not to read more into this than there really is. Tresoil Biofuels SRL is a Romanian start-up that's registered as a partner with Up2Europe with an idea, and it's looking for ways to access European funds. That's all at this stage.
Obtain European and Romanian environment Loans/ grants for a feasibility study for pilot PW2HPP Waste to Hydrogen power plant (PW2HPP) using the PowerHouse Energy (PW2HPP) waste to energy 25 ton per day system fuelled from municipal waste / local biomass as fuel, a quayside hydrogen refuelling facility and a hydrogen powered vessel.
The Danube Delta has thousands of hectares of water reed with could be harvested as biomass by the local population and is completely sustainable as it regrows within one year
Each village or town will have its own small waste to energy technology park, preferably on a brownfield site, which will include a materials recovery facility, enabling tons of waste materials such as paper, glass, cardboard and metals to be recycled. The facility will feature an advanced 5 tons or 25 per day PowerHouse Energy Gasification (CHP) energy-from-waste power plant. The plant will generate energy to power homes and neighbouring industrial properties both with electricity and thermal heat using non recyclable organic municipal waste
Went to Powerhouse Energy AGM today. Post AGM RNS clarified that their newly designed waste gasifier is now fully commissioned and working so they will now be aggressively marketing it. Hope this goes well!!
It sounds like it will have output of around 200kW I assume per hour (hope I didnt get this wrong). It can use dirty water, but prefers clean water as this leaves less residue with less degradation of the equipment. They say they can get up to hydrogen at 99+% puridy. Fuel cells were mentioned (AFC) as optimal efficiency for hydrogen use. Clean water would also have a place.
No timeline for this at the moment as there will be plenty of work to do testing different feed stocks/marketing etc, but if this goes well, could be a good market for the 1GW by 2020 target.
1. On 18 May PHE announced that they were within 30 days of completion
2. On 30 June they announced that they were within 30 days (again).
3. On 29th July they announced that the deadline was 14-21 days.
4. Today they have announced that they are "nearing completion".
If today's announcement is correct then that means that there's statistical evidence that three-quarters of their announcements are false!
And just to keep the other comments from 30 July in the debate:
A. They have no product to sell in a market where there are already plenty of companies already supplying competing products. They haven't even tested their product, never mind sold one for a profit. The company is years away from potentially making a profit even if its product could be sold at a profit.
B. The company has negligible assets and huge debts. It is technically insolvent and only survives because of soft loan terms which permit a debt for equity conversion at a mere 0.5p per share.
C. The company only exists so that its best friends can sell shares to the public at large at a vastly inflated ramped price and then buy shares direct from the company at 0.5p.
I've just topped up SIPP with some profit from AFC to try and make up for some of the losses from earlier investments here. A trial update will be very useful. I'm assuming that there will be tweaks required to what is essentially a redesigned system but the potential for worldwide use of this technology is enormous longer term
You make me laugh. That is still a lot of shares you own, good effort.
I still get flashbacks when you me and IMV were watching the rise last time from 0.8p to 10p in around 4 days, happy days. That was one of the big reasons I topped again at 1p in the last couple of months. Hoping history repeats itself and a hope this week another spoke as per the last RNS.
This is the pump before the dump. We all know that there are a bucket (shop) load of shares out there ready and available at 0.5p each. And so they pump the price up, get some fluffy woolly announcement out there to get some hype behind the stock and the suckers pile in.
Every share that they can sell over 0.5p is a profit for them.
Well done Bristol Dan.
A long way to go to my original investment at 15p ! but good to see some upward movement at last (on no news). I bought a tranche more at 3.85p way back when, so still a long way to go.
I've always liked this share but it's been a chaotic and bumpy ride !
Good luck all
Its fair to say something is happening in the background with Powerhouse. Could the company actually meet the deadline in the last RNS (14-21 days) meaning this week.
Exciting times ahead, I still hold and top up in the company after the last lift off to 10p which I sliced a nice profit on the upward spikes to 10p but been quiet since then. Fortunately again I topped up big at 1.1p so fingers crossed.
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