Powerhouse Energy Group PLC - Bingley, England-based non-recyclable waste-to-energy conversion company - Raises £1.25 million via placing of 250 million shares at 0.5 pence each. The placing was arranged by Hobart Capital Markets LLP. Proceeds will facilitate an acceleration in research and development and provide working capital. In addition, seeks to raise £125,000 via a retail offer at the same price. Funds from the retail offer will be used as working capital. As part of the placing, one warrant will be issued to placees for every two placing shares subscribed for, exercisable at 1.0p per share, and with an expiry period of three years from Friday.

David Hitchcock, non-executive chair says: ‘The ability to raise these funds demonstrates faith in the company’s progress and further enables the company to progress its current project pipeline whilst also sourcing and delivering new projects. We welcome our new investors to the business and look forward to providing further updates in due course.’

Chief Executive Paul Emmitt says the funds will be applied to ‘sensibly and constructively ensure PHE continues on its journey towards full commercial scale DMGs and looks to generate additional revenue streams through innovation whilst also consolidating our staff and technology into one location.’

Current stock price: 0.64 pence, down 2.2% in London on Friday

12-month change: down 27%

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