LONDON (ShareCast) - PowerHouse Energy jolted higher on Monday after the company regained complete control of the Pyromex licences from RenewMe, which it temporarily lost when it was unable to fulfil its payment obligations in 2012 and 2013.

The news came after the company entered into a new agreement with RenewMe, which has now relinquished the licences to exploit the Pyromex technology in the UK, Ireland, India, Scandinavia and the Benelux countries.

Under the agreement, PowerHouse will pay €211,000 in cash to RenewMe, together with the issue of 18.33m new shares, equal to a 5% stake in PowerHouse.

Keith Allaun, the Executive Chairman of PowerHouse, said: "I am delighted that agreement has been reached with RenewMe and that a resolution has been obtained for this significant liability of the company to the benefit of our shareholders."

He added: "This settlement agreement returns [the] licences to Pyromex and gives us worldwide control of the application, delivery and operation of our Ultra-high temperature gasification technology. These 10 valuable country licences that we have now recovered expands our potential customer base tremendously."

Shares powered 12% higher to 3.50p by 14:04.

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