LONDON,UK: Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy, has announced that it has completed the acquisition of the entire outstanding shareholding of the engineering consultancy company, Engsolve Ltd for a cash consideration of £572,000.
The acquisition will strengthen PHE’s capabilities in the development and implementation of its technology and project portfolio, as well as enable it to generate new revenue streams from engineering services. Engsolve has significant experience in engineering design and support, cost estimating and control, project management and safety risk assessments across a range of industries including energy from waste, renewables and green energy. Engsolve has worked closely with PHE on the Protos Plastics to Hydrogen project and more recent prospective projects.
Engsolve was previously owned 48% by PHE and 52% by its two directors, Paul Emmitt and Richard Riddell. Mr Emmitt is the Chief Operating Officer of PHE and has sold his entire holding in Engsolve. The transaction with him is a related party transaction under the AIM Rules for Companies and has been approved by the independent directors of PHE.
Tony Garner-Hillman, Non-Executive Chairman of PHE, said: “We are delighted to have acquired the remaining share capital of Engsolve. This acquisition consolidates Engsolve’s position within PHE and will provide the Company with a secure engineering resource that will enhance the Company’s capabilities and business for the future.”
Paul Emmitt, Managing Director and Founder of Engsolve, said: “I welcome PHE completing the acquisition of Engsolve and look forward to growing the PHE business in the acceleration of the clean energy transition that is so urgently needed. The acquisition is testament to the expertise of the Engsolve team, and of their efforts since incorporation, I believe this will lead to growth and provide much needed resource for PHE.”
Keith Riley, Acting CEO of PHE, said: “I have been working closely with Paul and the Engsolve team since I joined PHE. They are a very capable and motivated group of people. Having them totally committed to the PHE business will be a real boon for the Company. I also see the integration of Engsolve into PHE as being critical for the Company as it will give us a base on which to grow the engineering services arm of the company as well as strengthening the engineering support of our capital-intensive projects. This is the start of a new era for PHE.”
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