Powerhouse Energy Group PLC, a company pioneering integrated technology that converts non-recyclable waste into low-carbon energy, released its audited results for the year ended December 31, 2024. The companys strategy focused on licensing fees, royalties, engineering services revenues, and select project development. During the period, Powerhouse validated projects to be progressed, both where it would act as a developer and where it would license technology.
The company reported revenue of £499k for 2024, up from £181k in 2023. The operating loss for 2024 was £4.7 million, which included a £2.3 million goodwill impairment. Cash reserves stood at £1.31 million, down from £4.34 million in 2023. Engsolve, a subsidiary of Powerhouse, grew its annual revenues to £1.38 million in 2024.
Powerhouses goals for 2025 include delivering the first projects and creating a qualified pipeline. The company expects the National Hydrogen FEED to be completed by the end of June and the Ballymena project, which faced delays in 2024, to be back on schedule in the second half of 2025. Engsolve secured contracts worth over £1 million in the first four months of 2025, and Powerhouse plans to focus on marketing the Feedstock Testing Unit (FTU) this year.
The companys chairman, David Hitchcock, and CEO, Paul Emmitt, expressed confidence in the companys prospects for 2025, highlighting its financial security, strong project pipeline, and the performance of Engsolve.