Powerhouse Energy gets closer to first contracts

AIM-listed waste-to-power specialist Powerhouse Energy (LON:PHE) has seen its share price climb by 12.16% to 0.42p (as of 12:25 GMT) after it provided an update on current trading. The company said that interest in its process has been increasing and it is pursuing a number of potential deals in parallel in which management are confident will generate the first commercial contract for a DMG unit.

CEO David Ryan commented: “Considerable progress has been made in terms of us maturing negotiations towards final contract stage and in dealing with the substantial increase in commercial leads. The PowerHouse commercial and engineering teams and our project development partners W2T have dealt with the increase in such interest magnificently, screening opportunities, delivering proposals to potential customers and proactively following up as appropriate and, importantly, within budget. I am confident that we will sign heads of terms with at least one of these in the next quarter.

“Our core focus is on securing the first contract, and the significant strides we have made in recent months and weeks are a strong indicator of the solid progress being made towards building the first DMG® plant“.