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Shares of hydrogen technology company Powerhouse Energy (LON: PHE) are sliding after the announcement it has ordered the critical key alloy material used in the manufacture for the DMG Advanced Thermal Conversion Technology process.
It will be installed at the first plastic to hydrogen facility, located at Peel NRE’s – part of Peel L&P – strategic energy and resource hub Protos in Ellesmere Port.
The alloy material, which was selected after four years of research by Powerhouse, has been ordered by Protos Plastics to Hydrogen No. 1 Limited, the Peel NRE special purpose vehicle.
The process was funded from the recent loan agreement from Powerhouse Energy, which will provide up to £3.8 million to the special purpose vehicle.
“Over four years of the technology development team’s work has gone into this procurement decision. I would like to thank all involved, including Peel NRE for their commitment and I look forward to seeing the material worked into the Protos chamber fabrication later in the year,” said David Ryan, CEO of Powerhouse Energy Group.
Powerhouse Energy's share price is trading down 1.48% at 6.01p.
Powerhouse Energy shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Powerhouse shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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