Incubator Powerhouse liquidates HydroWorksDAVID WALKER/STUFF HydroWorks chief executive Andrew Rodwell was brought in 18 months ago and discovered significant challenges. Failure to repay Powerhouse Ventures a $1.4 million loan at 48 per cent interest has seen Christchurch-based turbine maker HydroWorks placed into interim liquidation. The Powerhouse loan to 23-per cent owned HydroWorks included a 120 per cent penalty rate. According to a Powerhouse spokesman, HydroWorks had failed to address inefficiencies and wanted Powerhouse to invest more money. Instead, Powerhouse was only prepared to provide a short term high interest loan to tide over HydroWorks and keep creditors at bay.

Source: Stuff August 18, 2017 04:15 UTC