Powerhouse Energy
Group plc
("Powerhouse" or
the "Company")
1 November
2021
Project Update
Powerhouse Energy Group plc, the UK technology company
commercialising hydrogen production from non-recyclable plastic
waste, is pleased to provide an update on its progress in the
UK.
The Company’s priority remains to ensure the first hydrogen
facility using its DMG technology, based at its UK partner Peel
NRE’s Protos site, becomes fully operational during 2023.
Protos Plastics to Hydrogen No. 1 Limited, the special purpose
vehicle (“SPV”) has been established by the Company’s partner, Peel
NRE, to develop the plant and to own rights to the first project at
the Protos site. The SPV has been making progress on contracting
arrangements necessary to reach construction start with support
from the Company and Peel NRE with significant works carried out on
aspects of the site including the access road and with further
enabling works ongoing. Peel NRE submitted a planning application
for a complimentary Plastic Park at Protos in October this year
which provides for further materials recovery and plastics sorting,
together with recycling activities.
Peel NRE has also submitted a planning application for a second
facility at Rothesay Dock on the north bank of the River Clyde,
West Dunbartonshire.
In light of this progress and the continued commitment from both
parties to work collaboratively towards the delivery of a pipeline
of DMG facilities in the UK, the Company and Peel NRE have agreed
extensions to the date of termination rights within the
Collaboration Agreement (to 31 August
2022) and to Peel NRE’s Exclusivity Option End date (to
31 August 2022). This reflects the
confidence the parties have in completing Protos and in their
ongoing collaborative arrangements.
The Company has also agreed to extend the availability period
for the Loan facility provided to the SPV, announced on
12 May 2021, until 28 February
2022.
-ENDS-
For more information,
contact:
Powerhouse Energy Group
plc |
Tel: +44 (0) 203 368 6399 |
James Greenstreet, Non-Executive
Chairman |
|
|
|
WH Ireland Limited (Nominated
Adviser) |
Tel: +44 (0) 207 220 1666 |
James Joyce / Megan Liddell |
|
|
|
Turner Pope Investments (TPI) Ltd
(Joint Broker) |
Tel: +44 (0) 203 657 0050 |
Andrew Thacker / James Pope |
|
|
|
SisterSmith PR
(media enquiries)
Becca Smith |
Mob: +44 (0) 7766522305 |
Notes to Editors:
About Powerhouse Energy Group plc
Powerhouse 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 or 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 £500,000 in respect of each
project which is commissioned.
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.co.uk