In its 2019 results statement, the company said it is carefully filtering potential opportunities to engage exclusively with experienced project developers and so maximise its future licensing revenues.
"2019 has been a transformative year for Powerhouse with the first commercial plant using our DMG technology now under development,” said Cameron Davies, the chairman of Powerhouse.
The Protos Energy Park in Cheshire is being developed by Powerhouse’s partner, Peel Environmental, and there is a 10-site pipeline of developments that will follow the Protos template.
The company entered its first commercial contract for revenues in 2019, although the invoices were not settled until 2020, which meant that 2019, like 2018, saw the company report no revenue on its profit & loss account.
The loss before tax narrowed to £1.7mln in 2019 from £2.5mln in 2019.
“It is gratifying to see a British technology company with a truly global application move into its commercial phase while helping to resolve a major problem in today's world, namely the need to reduce the volume of waste plastic and simultaneously producing hydrogen in the community to progress the expansion of the hydrogen economy,” Davies said.
“The board is enthusiastic about the prospects for the business as we move forward with Peel, our exclusive development partner in the UK, and also create a robust sustainable base of international licensing revenue through the establishment of similar relationships with blue-chip industrial partners across multiple overseas markets," the Powerhouse chairman added.