Powerhouse jumps 17% on technology purchase
Powerhouse Energy, the AIM listed waste-to-energy company has announced it is to buy the remaining 70% of its technology licensor, Pyromex, for a maximum of £33m.
Powerhouse Energy, the AIM listed waste-to-energy company has announced it is to buy the remaining 70% of its technology licensor, Pyromex, for a maximum of £33m.
The deal will see Powerhouse pay an initial fee to Pyromex's owner, Peter Jeney, of £2.5m over the next 18 months. The rest of the transaction will be dependent on the performance of Powerhouse.
Completion is expected by January 6.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In today's statement Powerhouse points out that: "Pyromex has, during its technology development phase, generated a global following of potential customers now representing a valuable sales pipeline of future contracts".
This may explain the 17.5% jump in the value of Powerhouse's shares this morning as investors see a way for the directors to grow the business.
BS
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published