Powerhouse Energy Shares Edge Higher After Appointing New Chair

Shares of Powerhouse Energy (LON: PHE) jumped at the start of Friday's session after the company announced the appointment of two new non-executive directors, a new non-executive chairman and provided an update on the joint venture with Peel NRE.

At the time of writing, Powerhouse Energy shares are up more than 5%.

In a small update, the company said that following previous announcements on September 5 and August 15, it can confirm that work has continued towards finalisation of the agreements regarding the joint venture to form a special purpose vehicle, Protos Plastics-to Hydrogen No 1 Ltd.

Meanwhile, the company has appointed Antony Royston Gardner-Hillman as Non-Executive Chairman, while Anthony Clive Gale and David John Hitchcock will join as Non-Executive Directors of Powerhouse, starting January 1, 2023.

Gardner-Hillman is the co-founder of ownership-structuring and tax consulting services business Rocquaine Management Limited, where he subsequently became Chairman. He was also Co-Founder of JTC Group in 1987. He became the company's first Chairman and remained in the role and as a director until he sold his stake in the company and resigned from the board in 2008.

Gale is the Founder and Managing Director of Tony Gale Cleantech Consultants Ltd. He has more than 30 years of experience in the industrial and manufacturing sectors with global corporations and SMEs.

Finally, the current Chairman and Co-Founder of States Bridge Capital, David John Hitchcock, is said to have historically worked with several early-stage or distressed businesses. States Bridge is a company that lists fast-growing private companies in the UK and internationally via IPOs to the UK Public Stock Market, including the Standard List and AIM.