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.

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.

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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