Powerhouse embroiled in disputes over subsidiariesSUPPLIED Powerhouse Ventures chief executive Paul Viney. Christchurch-based technology "incubator" Powerhouse has ousted directors of two of its 25 investee firms, SolarBright and Motim, and plans to sell disputed intellectual property. READ MORE:* Christchurch City's value in Powerhouse evaporates further* Rocky first year for Christchurch technology incubator* Powerhouse in the red by $11m* Powerhouse managing director Hampson quitsThe council's economic development arm ChristchurchNZ reiterated it is a passive investor in Powerhouse with no plans to seek a directorship. The pending sale of Powerhouse's shares in Motim under Walley's directorship will be for a mix of cash and shares worth about $2m. It recently sold a minority stake in battery developer Arc Active for $1.9m, providing Powerhouse with much-needed working capital.

Source: Stuff February 18, 2018 15:56 UTC