15th Jul 2016 07:08
LONDON (Alliance News) - PowerHouse Energy Group PLC Friday said it has raised GBP250,000 to see the company through to the next stage of development, allowing the business to hire more staff before rolling out its commercial launch of the PHE G3-Uht system.
The funds have been raised through the issue of 38.5 million new shares priced at 0.65 pence each. The shares represent around 6.3% of the enlarged issued share capital and the price is more than a 13% discount to the closing share price on Thursday.
"As we move to completion of final testing and commissioning of the G3-UHt system in Brisbane, we've made the decision to expedite the hiring of several key project management and business development staff to support the Company's commercial roll-out," said Executive Chairman Keith Allaun.
The system is designed to enable energy recovery from waste that would otherwise be directed to landfills and incinerators; or from renewable and alternative fuels such as biomass to create syngas for power generation or reformed liquids for transport.
In preparation for the commercial launch of the system, PowerHouse needs to hire more staff so it can "respond to potential customer requests far more rapidly", it said.
"We are confident that this infusion will see us through our next stage of development as a company. With the uncertainty surrounding Brexit and potential market conditions, the board and I believe that this move is in the best interests of the company and our shareholders," said Allaun.
PowerHouse shares were untraded on Friday morning, last trading at 0.74 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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