StockMarketWire.com - Hydrogen-from-waste technology group PowerHouse Energy said it was in advanced negotiations to acquire development partner Waste2Tricity, in a share-based deal.

Shares would be issued at a ratio of 60% PowerHouse Energy to 40% W2T, with 87.5% of the Powerhouse shares issued in exchange for W2T shares being locked into a no-sale agreement for a minimum of a year.

PowerHouse Energy said it had into a heads of terms with a view to finalising a formal sale and purchase agreement in the first quarter of 2020.

'The directors of PowerHouse believe that the post-acquisition enlarged company will be better understood by its customers and investors, with rights to markets and developments in-house, and will be able to present a clear and unambiguous message about its innovative British technology which provides a solution to the increasing problem of unrecyclable waste plastic,' the company said.

At 9:47am: [LON:PHE] PowerHouse Energy share price was -0.05p at 0.44p



Story provided by StockMarketWire.com