Helius Energy looking for green power plant sites

Feb 24 2010 by Chris Knox, The Journal

BIOMASS power company Helius Energy has said it is still looking to build at least one power plant on Teesside over the next five years, despite moving its headquarters out of the region.

The AIM listed firm, previously based in Middlesbrough, consolidated the business last summer by registering its head office in London to help attract investment, and now believes it is in a strong position to roll out its programme of green power plants.

This is despite end-of-year results which show the company made a loss before tax of £3.97m in the 12 months to September 30, 2009.

However, its directors said this was in line with the company’s growth plans and comes after a year which saw a cash investment of £2.8m into its current projects.

The company, set up in 2004 has a £500m turnover, and is now looking for sites across the UK to base future projects after selling its first plant in Grimsby to German utility group RWE Innogy for almost £30m in 2008.

Although half of the cash has been invested back into the business, its directors have confirmed the company still has £14.7m of cash reserves to invest in future projects.

Although it would not be drawn on exactly where the new power plants could be built, the firm said it hoped to build “at least one plant” in Teesside, which would create up to 50 jobs when completed and around 500 during its two-year construction phase.