PowerHouse Energy completed its reversal into AIM shell Bidtimes at the end of June, two months later than initially planned because of confusion over the geographical rights to some of its technology.
PowerHouse CHP arrives on AIM
California-based PowerHouse was founded in 2002 and since then has installed more than 50 on-site combined heat and power systems, including some using fuel cell technology. The company’s focus has changed to turning waste into syngas and using it to generate electricity.
Pyromex has granted PowerHouse a 20-year licence, lasting until 2029 or when the last patent expires, over its high temperature gasification process and equipment expertise. PowerHouse has the exclusive rights to Pyromex technology in North and Central America, Australia and New Zealand, as well as non-exclusive licences in some other regions. The company also has an agreement with ASX-listed coal gasification company Linc Energy, which has invested in PowerHouse.
Revenues will be generated from equipment sales, service income and by building and operating company-owned plants.
PowerHouse generated revenues of $2.13 million in 2009, while the loss was $1.7 million. This included a $600,000 write-down relating to an investment in a grower of MegaFlora trees for use as biofuel, which has been completely written off because the growth of the trees was disappointing.
Ross Lyndon-James, who was involved in the AIM flotation of Ocean Power Technologies, has been appointed executive chairman of the company.
Market: AIM
Symbol: PHE
Price: 17.5p
Market cap: £49.6
12-month high/low: 37.5p/3p
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AIM Comment
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Although a few new entrants have joined AIM this year, cleantech companies are still leaving the junior market. Stock markets around the world are becoming tougher places to raise money again, but the problems with the latest company to shun its AIM quotation date back to its flotation and lack of financial progress since, rather than current market conditions.
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