30th Sep 2015 14:55
LONDON (Alliance News) - PowerHouse Energy Group PLC Wednesday said it had a quiet first half after reporting a narrower pretax loss in the period.
"The attached interim financial results do not show much of consequence. We continue to manage on a minimum-to-operate budget as we pour all of our resources into the finalisation of the G3 demonstration unit," it said in a statement.
The company reported a USD451,569 pretax loss in the first six months of 2015, narrowing from the USD547,567 loss a year earlier, after the company more than halved its administrative costs, partially offset by higher finance costs.
PowerHouse, which does not generate any revenue, is developing its G3-UHt gasification demonstration system, aimed at demonstrating the company's technology that turns waste into energy.
"(The) G3-UHt gasification demonstration system is in the process of being integrated with a nominal electrical generation unit, as well as newly engineered de-oxygenation components to the feed system, finally completing the development on which we embarked several years ago. Completion of this step is paramount to our long-term success," it said.
"We believe our gasifier continues to represent one of the most environmentally sound mechanisms to alleviate toxic and hazardous waste, while allowing us to extract the energy from the waste-stream," it added.
PowerHouse shares were down 9.0% to 1.16 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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