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Pyromex Ultra High Temperature Gasification Reactor21 February 2012
AIM listed waste gasification specialist, PowerHouse Energy Group is to restructure its U.S. operations, with its U.S. based management team its subsidiary - PowerHouse Energy, Inc, leaving.
According to the company - which recently acquired a 30% stake in Swiss waste gasification company, Pyromex, with an option to buy the remaining 70% - its independent directors consider that the US Restructuring will enable the enlarged Group to eliminate duplicated operational overheads with Pyromex in Switzerland and the Company's US operations
The company said that it estimates that this could result in cost savings of approximately $1.5 million per year and allow the enlarged Group to focus its resources on the European operations, existing and pending Pyromex orders and the near term European sales opportunities.
Executive chairman Ross Lyndon-James explained: "We have also restructured US operations to maintain a presence in that market whilst maximizing the concentration of our resources primarily on strategic European markets following the intended acquisition of Pyromex."
In addition to the restructure, Pyromex has also signed its third commercial sales contract for a 5 tonne per day ultra-high temperature, zero emission gasification reactor. PowerHouse said it would make further details of the order available following receipt of the initial payment.
The company said that its previous second contract was worth 2 million Euros and was for the supply of a 5 tonne per day reactor to gasify wood chippings and its first was for a system to gasify animal waste (bone meal). Both will generate electricity for Italian customers.
According to the PowerHouse, Pyromex is also continuing to manufacture the ultra-high temperature, zero emission gasification reactors it two initial commercial contracts.
This manufacturing phase brings with it the first commercial revenues for the company, which said that payments would be made progressively over the manufacturing period.
However, testing on the Pyromex 25 tonne per day reactor in Munich has been intermittent while it focuses on gearing up manufacturing for the completion of the current and future 5 tonne per day units.
AIM listed waste gasification specialist, PowerHouse Energy Group is to restructure its U.S. operations, with its U.S. based management team its subsidiary - PowerHouse Energy, Inc, leaving.
According to the company - which recently acquired a 30% stake in Swiss waste gasification company, Pyromex, with an option to buy the remaining 70% - its independent directors consider that the US Restructuring will enable the enlarged Group to eliminate duplicated operational overheads with Pyromex in Switzerland and the Company's US operations
The company said that it estimates that this could result in cost savings of approximately $1.5 million per year and allow the enlarged Group to focus its resources on the European operations, existing and pending Pyromex orders and the near term European sales opportunities.
Executive chairman Ross Lyndon-James explained: "We have also restructured US operations to maintain a presence in that market whilst maximizing the concentration of our resources primarily on strategic European markets following the intended acquisition of Pyromex."
In addition to the restructure, Pyromex has also signed its third commercial sales contract for a 5 tonne per day ultra-high temperature, zero emission gasification reactor. PowerHouse said it would make further details of the order available following receipt of the initial payment.
The company said that its previous second contract was worth 2 million Euros and was for the supply of a 5 tonne per day reactor to gasify wood chippings and its first was for a system to gasify animal waste (bone meal). Both will generate electricity for Italian customers.
According to the PowerHouse, Pyromex is also continuing to manufacture the ultra-high temperature, zero emission gasification reactors it two initial commercial contracts.
This manufacturing phase brings with it the first commercial revenues for the company, which said that payments would be made progressively over the manufacturing period.
However, testing on the Pyromex 25 tonne per day reactor in Munich has been intermittent while it focuses on gearing up manufacturing for the completion of the current and future 5 tonne per day units.
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