The Powerhouse Energy Group PLC (LON: PHE) share price rallied 7.43% after appointing Paul Drennan-Durose as its new substantive CEO. He replaces David Ryan, who stepped down from the role in June 2021 to become a consultant.
Ryan said he wanted to focus on the technology to deliver the Protos project as a consultant and on building the company’s operating and executive management teams.
As the new CEO, Durose will lead the company’s strategy and deliver the company’s multiple projects.
On being appointed, Paul Drennan-Durose, Powerhouse Energy’s new CEO, said: “I am excited to be joining Powerhouse as we aim to become a global leader in technology solutions that will help the world transition to clean energy, as well as help to remove plastic from environments worldwide. It is set to be an exciting and busy year for Powerhouse, which I look forward to leading, especially the build of the first facility at Protos.”
Durose will start in his new role on 14 February 2022 and relinquish his role as the CEO of Heliex Power Limited, a cleantech energy business backed by a private equity fund. In his current role, he led the transformation of the startup company, including the recovery of its commercial strategy and technology strategy.
Paul’s previous roles include many years in board-level positions in complex new technology companies, engineering services, distribution and manufacturing firms. In addition, he has vast experience in international markets where he has worked in sectors such as waste to energy, clean energy, process manufacturing, oil & gas, auto and marine industries.
James Greenstreet, Powerhouse Energy’s chairman, said: “Paul is a valuable addition to the Powerhouse Board and will bring his expertise in driving strategy, investment and delivery. Growing Powerhouse internationally with the roll-out of our clean energy technology is a key priority for Paul and will help ensure that Powerhouse will be part of the solution to tackling the world’s waste problem.”
Powerhouse Energy shares have fallen 12.7% since the year started, but they have fallen 45% in the past 12 months. Moreover, the shares appear relatively cheap compared to the company’s significant growth potential in the clean energy sector.
The shares are pretty attractive at current prices, and I would consider buying them for my sustainable energy portfolio.
*This is not investment advice. Always do your due diligence before making investment decisions.
Powerhouse Energy share price.
Powerhouse Energy share price rallied 7.43% to trade at 3.90p, rising from Friday’s closing price of 3.63p.
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