29th Jun 2018 12:34
LONDON (Alliance News) - PowerHouse Energy Group PLC said Friday its annual loss widened in a "transformative year" as it starts shifting towards the commercialisation of its clean energy process technology.
PowerHouse shares were trading 7.4% higher at 0.52 pence each on Friday.
The company, focused on hydrogen production from plastic waste, posted a 2017 pretax loss of GBP1.9 million compared to GBP1.3 million in 2016, as operating costs rose to GBP1.8 million from GBP851,903.
The company did not record any revenue in 2017 or 2016. At the end of December it had GBP750,000 in cash.
Chief Executive Officer Keith Allaun said: "2017 was transformative for PowerHouse as we re-sited our demonstration system for creating clean energy from waste, successfully carried out a significant amount of critical testing and, importantly, signed a number of initial strategic partnerships."
PowerHouse Energy has developed a process technology called DMG which can use waste plastic and turn it into "cost efficient energy" for use in cars and commercial vehicles.
The company said it is now "shifting towards" the commercialisation path for DMG, to ensure profitability.
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