- Waste plastic to hydrogen group PowerHouse Energy said it was not aware of any material basis for a recent rise in its share price.

The company said due diligence and legal work for its proposed acquisition of Waste2Tricity was nearing completion and that a related circular was expected to be issued in June.

The Protos project, the first targeted commercial application of the company's technology, was proceeding under Peel L&P direction and project updates would be forthcoming regarding ongoing activities, it added.

'Peel's project funding exercise for this first development and their proposed pipeline of future projects is running in parallel with, the engineering work,' Powerhouse said.

'PowerHouse has to date received payments for engineering and consultancy services for the completed stage of the project and expects to receive engineering fees this month for the current stage.'

Powerhouse also said that it was part of its strategy to seek development partners on a country by country basis.

'Peel is currently selecting the series of projects beyond the initial commercial development from a list of screened sites that it and PowerHouse have assembled,' it said.

'It is anticipated that announcements on the next project in the second half of 2020.'

At 9:51am: [LON:PHE] PowerHouse Energy share price was -0.06p at 3.58p

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