Waste2Tricity is NOT yet part of PHE, there are ongoing negotiations but this will require shareholder approval, which they hope to get in Q1 2020.
PHE have very few assets, it has no income. The number of shares that have been issued has more than tripled in the last 3 years. It has an Altman Z-score of -168 which indicates a serious risk of financial distress within the next 2 years.
ITM may not yet be making a profit, but at least it is generating income and this income is increasing. It had a recent oversubscribed fund raise and it has over £5m in cash and its net assets are also increasing. It has entered a joint venture with Linde to deliver green hydrogen to large scale industrial projects. It has also signed a collaboration agreement with Iwatani Corporation of America for the deployment of multi MW electrolyser based hydrogen energy systems in North America. It already had an agreement with Royal Dutch Shell to provide hydrogen on its forecourts having opened its eighth one at Gatwick Airport in October.
This year ITM has announced the HyDeploy project is fully operational. The following extract is from the HyDeploy website, ITM have already operated a similar process in Germany.
"HyDeploy is an energy trial to establish the potential for blending hydrogen, up to 20%, into the normal gas supply to reduce carbon emissions.
HyDeploy is being hosted at Keele University in Staffordshire. It could be the first project in the UK to inject hydrogen into a natural gas network.
It will determine the level of hydrogen which could be used by gas consumers safely and with no changes to their behaviour or existing domestic appliances.
Subject to Health & Safety Executive approval in Phase 1 of HyDeploy, the aim is to run a year-long live trial of blended gas on part of the Keele private gas network in Phase 3 (2019).
HyDeploy is funded by Ofgem’s Gas Network Innovation Competition, Cadent Gas Ltd and Northern Gas Networks." (Italics are mine as it does not appear to need modification to the gas pipes as you suggested).
My average buy price for ITM is 45.5p (I have been buying since May 2019) so happy with today’s close price of £1.01 which is a gain of 122% over 7 months which I am delighted with. I may well top-slice at some point to protect my profits but do see this as a long term hold and a better bet than PHE at the moment.