The Powerhouse Energy Group PLC (LON: PHE) share price rose 5.88% after announcing that the European Patent Office had granted the company’s patent application regarding “Method and Apparatus for the Treatment of Waste Material”. The patent application no. 20751207.0 will be fully granted on 11 October 2023.
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The company had explained in its 13 July 2023 announcement that the patent was about protecting the control of heating the waste within the Thermal Conversion Chamber (TCC) through several zones to allow for the optimum synthesis gas (syngas) to be produced.
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Investors reacted positively to the news, but the move higher was short-lived as the shares quickly gave up all their gains and were trading in negative territory at the time of writing. Investor sentiment towards the company is not as upbeat as expected.
The heating modality allows the temperature profile in the TCC to be adjusted to deliver the optimal syngas composition. The TCC is the primary thermal chamber or kiln where the waste feedstock is converted to syngas.
Powerhouse Energy expects the UK and Europe to become its leading markets in future, and the patent grant within the European Union is a crucial step for the company. The company also noted that it is in discussions with potential clients from different industries who require waste solutions and want to reduce their reliance on virgin fossil fuels.
PHE also recently held its AGM, revealing that shareholders had passed all resolutions, including approving the remuneration report, financial results, and directors' re-election.
Antony Gardner-Hillman, the PHE Chairman, commented: “I am delighted by this news, which justifies the hard work put into the application and into the development of the technology preceding that, by the very skilled PHE team. This will be the first patent to be granted to the Company. It provides significant protection for the DMG technology that differentiates PHE from others in the waste-to-energy sector. It is fitting that this patent has been granted while we fit out the Powerhouse Technology Centre in Bridgend. I look forward to keeping the Company's shareholders updated on future developments.”
The Powerhouse Energy (PHE) share price.
The Powerhouse Energy (PHE) share price edged 5.88% higher to trade at 0.54p, from Thursday’s closing price of 0.51p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.