Powerhouse Energy (LON: PHE) shares have rallied on Thursday after it announced the acquisition of 48% of the share capital of Engsolve Limited.
Powerhouse paid £99,990 in cash for the stake in the engineering consultancy firm.
The company’s Chief Technology Officer, Paul Emmitt, is also the managing director and founder of Engsolve.
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Powerhouse said, “the acquisition is intended to maintain Engsolve’s continued support of the Company’s projects and developments and will ensure that Engsolve’s expertise remains available to Powerhouse in future.”
Engsolve made a profit after tax of approximately £137,000 in the year to 31 March on a turnover of around £840,000.
Tim Yeo, Executive Chairman of Powerhouse, said: “We are delighted to have acquired 48% of the share capital of Engsolve, a company Powerhouse has worked closely with for four years developing our technology which transforms plastics and waste into clean energy. This Acquisition ensures Engsolve’s excellent expertise remains available to Powerhouse as our technology helps to improve the world’s environment for future generations.”
Powerhouse Energy’s share price has climbed to 4.21p, up 15.34% so far in Thursday’s session.
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