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Bingley-headquartered Powerhouse Energy Group, a technology company commercializing hydrogen production from plastic, has acquired 48% of the share capital of engineering firm Engsolve Limited.

The shares were purchased for a cash consideration of £ 99,990.

Paul Emmitt, Powerhouse’s Chief Technology Officer, is also the CEO and founder of Engsolve.

Powerhouse says it has worked very closely with Engsolve and Emmitt for the past four years.

The acquisition is intended to maintain Engsolve’s continuous support for its projects and developments and to ensure that Powerhouse will continue to have Engsolve’s expertise in the future.

Engsolve is a privately owned company based in Bridgend, Wales.

As a technical solutions company, it has extensive experience performing construction design and support, cost estimation and control, project management and safety risk assessment across a range of industries including waste energy, renewable energy and green energy.

It had after-tax profits of approximately £ 137,000 on sales of approximately £ 840,000 for the year ended March 31, 2021.

Tim Yeo, Executive Chairman of Powerhouse, said, “We are delighted to have acquired 48% of the share capital of Engsolve, a company that Powerhouse has worked closely with for four years to develop our technology for converting plastic and waste into clean energy to develop.

“This acquisition ensures that Engsolve’s excellent expertise will continue to be available to Powerhouse as our technology helps improve the world’s environment for future generations.”

Emmitt added, “Engsolve welcomes this partial takeover and I am delighted that Powerhouse will leverage Engsolve’s extensive expertise to accelerate the global clean energy transition and transform plastics and waste into clean energy.”