LONDON (ShareCast) - (ShareCast News) - Ultra-high temperature gasification, waste-to-hydrogen, waste-to-energy and 'Distributed Modular Gasification' company PowerHouse Energy Group announced the appointment of Dr Cameron Davies as its non-executive chairman on Thursday, as well as the successful completion of an oversubscribed £1.6m placing and direct subscription to finance the next phases of engineering and commercial development activities.
The AIM-traded firm said Keith Allaun, currently executive chairman, would transition to CEO to lead the commercial development of the business, and would remain a member of the board of directors.

It said it expected the transition would occur upon Dr Davies joining the company on or around 1 October.

"Dr Davies is a capable business leader who has successfully grown revenues and profits in a quoted alternative energy company," the PowerHouse board said in its statement.

"As founder, CEO and executive director of AIM-quoted Alkane Energy, he led that company through each phase of its development."

PowerHouse said he built Alkane from its initial concept to the point of providing more than 160MW of connected power generation, and a successful exit for his shareholders through a £60m sale to Balfour Beatty Infrastructure Partners in October 2015.

Prior to Alkane, Dr Davies led a number of other start-up companies and is currently a non-executive director of the AIM-quoted Ascent Resources.

Dr Davies was awarded a PhD in applied geochemistry from Imperial College London.

Over the course of the past 20 years, he has evaluated numerous gasification technologies and projects, PowerHouse claimed.

He is also a Fellow of the Geological Society of London, a member of the European Petroleum Negotiators Group, and the Petroleum Exploration Society of Great Britain.

"Over the past six months, we conducted an extensive search to ensure that we identified the best possible candidate for the chairman role," said Keith Allaun.

"Dr Davies' background in gasification, his extensive entrepreneurial and public company experience, and his passion for the vision of PowerHouse made him the ideal match at this point in our development."

Allaun said Dr Davies' "considerable" achievements, both technical and commercial, should "inspire the confidence" of shareholders and partners in the direction the company was taking.

"Cameron's extensive contacts throughout industry and government, both in the UK and internationally, will be of great value to the company as we begin to accelerate our commercial strategy."

PowerHouse also announced that it had completed a fundraising of £1.6m, through the issue of 160 million new ordinary shares of 0.5p per share.

The fundraise was completed at a price of 1p per share, representing an 18% discount to the closing price at 21 August.

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