Powerhouse Energy Group (AIM:PHE), which converts into waste into syngas and energy, announced it will raise gross proceeds of at least £0.5m through a placing of new shares at 0.2p per share via an accelerated bookbuild, and it is also offering a retail tranche to raise up to a further £150,000.
The company said net proceeds will be used first to progress planning, permitting and develop a FEED package for its Ballymena project to allow EPCm tenders and work towards FID.
It will also support R&D on alternative DMG outputs and add FTU equipment to prove at scale, and provide working capital, including additional projects, sales and marketing and strengthening the C-suite.
