Powerhouse surges on contract win
Powerhouse Energy, the AIM listed clean energy company, surged on news of a sale by its 30% owned subsidiary Pyromex AG.
Powerhouse Energy, the AIM listed clean energy company, surged on news of a sale by its 30% owned subsidiary Pyromex AG.
Pyromex has signed a sales contract and received an initial payment for a 5-ton per day ultra-high temperature, zero emission gasification reactor from the Italian firm Primula SRL.
The Primula contract is valued at approximately €2,000,000.
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Primula's feedstock of wood clippings will be pelletized and then gasified using the Pyromex reactor to produce clean syngas.
The syngas will fuel a gas engine with an output capacity of 500 kWh.
Ross Lyndon-James, Executive Chairman of PowerHouse, said:
"This second sale by Pyromex is further validation of the broad spectrum of feedstock the system can operate on and demonstrates the application of the Pyromex reactor for industrial applications."
Powerhouse has an option to purchase the remaining 70% of Pyromex. Over the last 12 months the stock has gained 355%. The shares rose 1.125p to 22.75p on news of the sale.
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