The Powerhouse Energy Group PLC (LON: PHE) share price surged 16.8% after signing a Framework Services Agreement with Petrofac Facilities Management Limited to provide the engineering design and supply chain development services on PHE’s projects.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
One of the first projects that the two firms shall collaborate on is the Plastics to Hydrogen project at Protos. The company also revealed that Peel NRE Ltd had confirmed Petrofac as its preferred delivery partner for the proposed facility construction at Plot 10b, Protos Energy Park.
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Investors cheered the news that brings Powerhouse Energy much closer to constructing its flagship waste gasification plant at Protos, given Petrofac’s established reputation as a leading services provider to the energy industry globally.
Petrofac will help PHE fast-track the execution of its projects since it brings a wealth of experience in the energy industry as a services provider. In addition, Petrofac’s long track record of helping energy firms execute their plans will help PHE do the same with its various projects.
Powerhouse Energy remains a critical player in converting non-recyclable waste into low-carbon energy. The company has been busy reconstituting its management team with the appointment of multiple directors starting in December 2022.
The company continues to advance its various projects, and today’s agreement will speed up its execution.
Keith Riley, Powerhouse Energy’s Acting CEO, commented: “Signing the Framework Agreement with Petrofac is a very important step for PHE in the intended rollout of its projects. The Agreement allows the two companies to work closely together and brings, to our projects, a significant depth of knowledge and breadth of skills within Petrofac and its extensive experience in the market, particularly with the supply chain. I think the way we have set up this Agreement brings an exceptional partner on board to take forward our projects; that PHE has not had previously.”
Jon Carpenter, Petrofac’s Vice President of New Energy Services, commented: “We are thrilled to be selected as a partner with PHE. We see the gasification of waste as a key enabler for a net zero future. We look forward to deploying our engineering, project delivery and operational experience to drive their projects to success.”
*This is not investment advice.
Powerhouse Energy share price.
The Powerhouse Energy share price surged 16.82% to trade at 1.25p, from Tuesday’s closing price of 1.07p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.