Bingley, UK based PowerHouse Energy Group (AIM: PHE), company focused on ultra high temperature gasification for waste-to hydrogen and waste to energy applications has secured £1.6m of backing and appointed Dr Cameron Davies as Chairman.
The company explained that the appointment of Davies as Non-Executive Chairman of the company followed the successful completion of an oversubscribed £1.6 million placing and direct subscription to finance the next phases of engineering and commercial development activities.
Keith Allaun, currently Executive Chairman, will transition to CEO to lead the commercial development of the business, and will remain a member of the Board of Directors. It is expected that the transition will occur upon Davies joining the company.
As founder, CEO, and Executive Director of AIM-quoted Alkane Energy plc (now Alkane Energy Limited), Davies built Alkane from its initial concept to the point of providing over 160MW of connected power generation, and an exit for his shareholders worth around £60 million with the sale to Balfour Beatty Infrastructure Partners in October 2015.
“Over the past 6 months, we conducted an extensive search to ensure that we identified the best possible candidate for the Chairman role,“ said Allaun.
“Dr Davies’ background in gasification, his extensive entrepreneurial and public company experience, and his passion for the vision of PowerHouse made him the ideal match at this point in our development,“ he continued.
Dr Davies added: “PowerHouse is well advanced in its plan to produce low-cost hydrogen for road-fuel use while addressing the growing issues of landfill diversion and waste eradication.
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