Powerhouse Energy shares (LON:PHE) were up Wednesday morning after the company announced a successful independent technology assessment.
The company, which specialises in environmentally friendly waste-to-energy technology, said it had received a “statement of feasibility” from an independent review.
The review was regarding to its full-scale commercial engineering design for the waste to power and waste to hydrogen technology processes known as DMG.
The firm confirmed that the review was conducted by by DNV GL, which it referred to as ‘a global leader in technical assurance certification’.
David Ryan, Engineering Director of PowerHouse Energy, commented: “Gaining this Statement of Feasibility provides us with a key foundation in the engineering and risk mitigation programme giving us great confidence in the scale up and roll out of the technology. Furthermore, it provides our partners in the waste management industry with a key element of the independent technical assurance needed to finalise site application specific commercial agreements to utilise the DMG® technology to reduce the volumes of waste plastics sent to landfill.
Keith Allaun, CEO of PowerHouse Energy, added: “We sought this Technology Assessment of our engineering design by one of the world’s most highly respected evaluators of new technologies. DNV GL confirms both our technology design and the rigour of our engineering approach. Our team has worked relentlessly over the last 18 months to get the DMG® technology to its existing commercialisation phase.
“This independent assessment of our proprietary DMG® Technology adds further credibility to the considerable scope that exists for its commercial application globally in the many sectors where efficient and responsible use of non-recyclable and waste plastics and end of life tyres as well as the creation of clean energy has a role to play.
“We would not be here today without the efforts, patience, and forward-thinking of all of the stakeholders in PowerHouse: our team, our partners, and our shareholders. The Board looks forward to further progress as we drive forward with the commercialisation and licensing strategy.”
Shares in Powerhouse Energy are currently trading +9.88% as of 12.10PM (GMT).