Powerhouse Energy
Group plc
("Powerhouse" or
the "Company")
23 March 2021
Progress
update
PowerHouse Energy Group plc (AIM: PHE) ("Powerhouse" or the
"Company"), the sustainable hydrogen company pioneering hydrogen
production from waste plastic, announces an update on its progress
in the UK and Poland.
The Company’s priority is to ensure the first hydrogen facility
using its DMG technology, based at Peel NRE’s Protos site, meets
the target of being commissioned and operational by the end of Q1
2022.
77 sites have been identified as potential locations for
Powerhouse plants in the UK. The development of the UK pipeline
will form the springboard for the international expansion of the
Powerhouse business model.
Last November Powerhouse signed non-binding Heads of Terms with
Hydrogen Utopia International Limited (HUI) with a view to granting
HUI an exclusive non-transferable licence for the application of
its DMG® technology in the country. Progress in Poland since then has been so satisfactory and
the Company believes that, subject to agreeing a binding agreement
with HUI, a first plant in Poland
may be commissioned within a similar timeframe to the one proposed
at the Protos site.
The Company also intends to examine market conditions in other
east and Central European countries later this year. The Company
intends to seek partners in other geographies to work with,
adopting a similar business model to that envisaged with Peel NRE
in Britain and HUI in
Poland.
Tim Yeo, Executive Chairman of
the Company, said:
“This is an exciting year for Powerhouse Energy as we focus on
the Protos build and aim to see good progress of our technology in
Poland. As we look ahead to the
all-important United Nation’s Climate Change Conference of the
Parties (COP26) in Glasgow later this year, we hope Powerhouse
technology can be championed as a part of the solution to the
world’s environmental challenges.
As announced on 19 March, I am delighted that TPI were able to
place existing Powerhouse shares with a significant institutional
shareholder and a small number of other investors.”
END
For more information, contact:
Powerhouse Energy Group
plc |
Tel: +44 (0) 203 368 6399 |
Tim Yeo, Executive
Chairman |
|
|
|
WH Ireland Limited (Nominated
Adviser) |
Tel: +44 (0) 207 220 1666 |
James Joyce / Lydia
Zychowska |
|
|
|
Turner Pope Investments Ltd
(Joint Broker) |
Tel: +44 (0) 203 657 0050 |
Andrew Thacker |
|
|
|
SisterSmith PR
(media enquiries)
Becca Smith |
Mob: +44 (0)
7766522305 |
Notes for editors:
About Powerhouse Energy Group
plc
Powerhouse, the sustainable hydrogen company, has developed a
proprietary process technology - DMG® - which can utilise waste
plastic, end-of-life-tyres, and other waste streams to efficiently
and economically convert them into syngas from which valuable
products such as chemical precursors, hydrogen, electricity and
other industrial products may be derived. Powerhouse's technology
is one of the world's first proven, distributed, modular, hydrogen
from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of
road-fuel quality hydrogen and more than 58MWh of exportable
electricity per day.
Powerhouse's process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level. As announced on
11th February 2020 under its
Supplemental Agreement with Peel Environmental, Powerhouse will
receive an annual license fee of GBP500,000 in respect of each project which is
commissioned.
Powerhouse Energy Group’s unique technology provides a solution
to non-recyclable plastic and produces a clean fuel that can help
improve air quality by replacing diesel with hydrogen as a
transport fuel.
Powerhouse technology aims to be used at a local level providing
a closed loop solution within the community for non-recyclable
plastic waste, cleaning up our oceans and helping to accelerate the
clean energy transition to reach the target of net zero emissions
by 2030.
Powerhouse is quoted on the London Stock Exchange's AIM Market
under the ticker: PHE and is incorporated in the United
Kingdom.
For more information see www.powerhouseenergy.net