PowerHouse Energy Group,
plc
(“PowerHouse” or “the Company)
Distribution
Agreement for DMG® Technology
into Hydrogen Bus
Projects in Bulgaria and
Romania
PowerHouse Energy Group plc (AIM: PHE), the UK technology
company pioneering hydrogen production from waste plastic and
end-of-life tyres, announces its first international distribution
agreement for its proprietary DMG® hydrogen from waste (HfW)
process targeting the supply into hydrogen bus projects in
Bulgaria and Romania. The agreement is summarized as
follows:
- Agreement between PowerHouse, Tresoil Biofuels SRL (‘Tresoil’),
a leading Energy Project Developer in Romania and Bulgaria and Waste2tricty, PowerHouse’s
Projects Development partner.
- Provides a cost-effective turnkey solution through PowerHouse’s
partner, Wrightbus, a leading bus manufacturer of zero emission
hydrogen buses.
- Covers the supply of PowerHouse’s proprietary technology DMG®,
the hydrogen from waste (HfW) process, into hydrogen bus projects
in Bulgaria and Romania.
- Tresoil will be responsible for applying for grants,
integrating with end users and enabling the establishment of
Special Purchase Vehicles’s which will initially be 51% owned
by the PHE/W2T relationship and 49% by Tresoil.
Bus operators in Romania and
Bulgaria are actively seeking to
replace aging fleets of highly polluting public transport buses,
with the region encouraged by the EU to deploy low carbon
alternatives. Tresoil is a well established company in Bucharest and has been involved in seeking
grants for alternative energy projects and is considered a leading
specialist in this area.
Powerhouse Energy, Waste2tricity and Tresoil have negotiated a
three way binding agreement to seek deployments of hydrogen buses
fuelled by PowerHouse’s DMG technology in partnership with
Wrightbus, a leading bus manufacturer of zero emission hydrogen
buses (See announcement of 20 February 2018). The potential
has been identified not only in Bucharest and Sofia, but also in many other cities across
these two countries as they seek to comply with EU directives to
reduce pollutants and particulates.
This agreement is in line with the Company’s strategy to
identify commercially viable opportunities for sales of DMG
units, with various EU funding initiatives supporting
decarbonising transport including grants for hydrogen bus and
potential grants for the capital required to deploy PowerHouse’s
DMG system. The virtuous circle of destroying mixed plastics and
producing carbon neutral hydrogen and electricity falls into many
categories that may be eligible for both grants and soft loans in
this region and will support the desire and willingness of the
local municipalities to improve the environment for their
populations.
PowerHouse, Wrightbus and Tresoil can offer a competing economic
solution with an attractive pay back. The distribution
agreement provides that PowerHouse has the right to agree and veto
the commercial terms proposed to any end user identified via
Tresoil
Commenting, Keith Allaun, CEO
of PowerHouse said: “We are delighted to have signed our first
international agreement for DMG®, the world’s first proven hydrogen
from waste process. The environmental challenges in both
Bulgaria and Romania are well documented and there is
clearly a determined approach in both countries to take on the
pollution problem. PHE technology provides the ideal solution,
particularly now as bus companies have started to replace the aging
bus fleets.”
Roger Preston, Managing
Director of Tresoil, added: “With the assistance of European
development funds, which are specifically destined for hydrogen bus
projects, we will be looking to partner with bus operators across
all the major cities in both Bulgaria and Romania where there is intense pressure as
they seek to comply with EU directives to reduce pollutants and
particulates. bring emissions up to European standards.”
For more information, contact:
PowerHouse Energy Group plc
Keith Allaun, Chief Executive Officer |
Tel: +44 (0) 203 368 6399 |
WH Ireland Limited (Nominated Adviser)
James Joyce / Chris Viggor |
Tel: +44 (0) 207 220 1666 |
Turner Pope Investments Ltd (Broker)
Andy Thacker |
Tel: +44 (0) 203 621 4120 |
Gable Communications
Limited
John Bick / Justine James |
Tel: +44 (0) 20 7193 7463 |
About PowerHouse Energy
PowerHouse Energy has developed proprietary process technology
called DMG® which takes plastic and rubber waste streams and
converts them into cost efficient energy in the form of electricity
and ultra clean hydrogen gas fuel for use in cars and commercial
vehicles (FCEV: Fuel Cell Electric Vehicles) and other industrial
uses. The PowerHouse technology is the world’s first proven
hydrogen from waste (HfW) process.
The PowerHouse process converts 25 tonne of plastic or rubber
waste into 1 tonne H2 per day and 28 MWh per day of
electricity.
The PHE process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange's AIM Market.
The Company is incorporated in the United
Kingdom.
For more information see www.powerhouseenergy.net
About Tresoil Biofuels SRL
Tresoil Biofuels SRL’ background in renewable energy has always
been on finding new innovation in sustainable green practices.
Tresoil managing director with over 35 years business
experience in taking companies from concept stage and growing them
into profitable organisations in the UK and Europe, saw the renewable transport fuel from
waste in Romania as the next key
market for expansion and for him to deploy his entrepreneurial
skills. He came to Romania 11
years ago with Eco Europe SRL and Eco2uk.com companies whose
missions were carbon-neutral transport fuel technologies, with high
value by-products for sale in Europe.