LONDON (ShareCast) - Powerhouse Energy, the AIM listed waste-to-energy company has announced it is to buy the remaining 70% of its technology licensor, Pyromex, for a maximum of £33m.

The deal will see Powerhouse pay an initial fee to Pyromex’s owner, Peter Jeney, of £2.5m over the next 18 months. The rest of the transaction will be dependent on the performance of Powerhouse.

Completion is expected by January 6.

In today’s statement Powerhouse points out that: “Pyromex has, during its technology development phase, generated a global following of potential customers now representing a valuable sales pipeline of future contracts”.

This may explain the 17.5% jump in the value of Powerhouse’s shares this morning as investors see a way for the directors to grow the business.

BS

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