StockMarketWire.com - Hydrogen from waste plastic group Powerhouse Energy booked a full-year loss as it continued to develop its technology and plans for a UK production plant.

Pre-tax losses for the year through December amounted to £16.0 million, compared to year-on-year losses of £1.7 million year-on-year.

During the year, Powerhouse had signed commercial terms signed with Peel NRE under which Powerhouse would receive an annual license fee of £0.5 million for each plant built in the UK.

Planning permission was granting for an application on the Protos site in March and planning had commenced for second site in Clydebank, Scotland.

It also had signed a heads of terms for the first international application of its technology.

Executive chairman Tim Yeo said he expected to announced a new chief executive 'in due course' following David Ryan's decision announced in November to stand down.


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