StockMarketWire.com - Hydrogen from waste plastic group Powerhouse Energy said it had raised £5m from a share issue and offered Peel a right to acquire a 10% stake in the company.

New shares in Powerhouse Energy were issued at 2.5p each to raise the £5m.

Peel had been granted a warrant providing a right to subscribe up to around £10.2m for up to 10% of the group at a 10% premium to the issue price.

'The directors believe the fundraising will provide the necessary cash resources for Powerhouse to reach profitability and to implement its wider strategy for international growth,' Powerhouse said.


At 9:22am: [LON:PHE] PowerHouse Energy share price was -0.03p at 2.98p



Story provided by StockMarketWire.com