30 November
2021
Powerhouse Energy
Group plc
("Powerhouse" or
the "Company")
Development
partner, Hydrogen Utopia International, signs Letter of Intent with
Bulgarian city
Powerhouse Energy Group plc (AIM: PHE), the UK technology
company commercialising hydrogen production from waste plastic, is
pleased to note that its development partner, Hydrogen Utopia
International PLC (HUI), has signed a letter of intent
with the City of Simitli, Bulgaria.
The letter sets out HUI's intention to build and manage
a Distributed Modular Gasification plant (DMG®) using
Powerhouse’s technology sited in a commercial sector close to
existing waste remediation facilities in Simitli in the south-west
of Bulgaria. The project would be
subject to approval by Powerhouse.
Powerhouse is pleased to see HUI’s progress in
Bulgaria. Powerhouse announced on 7 October 2021 that it had entered into a binding
collaboration agreement (the “Collaboration Agreement”) with HU2021
International UK Limited, a wholly owned subsidiary of Hydrogen
Utopia International PLC, to market the deployment of DMG®
technology in territories outside the UK.
All potential projects under the Colloboration Agreement are
subject to approval by Powerhouse and the formal IP Implementation
licence to HUI for construction of its projects approved by
Powerhouse, which will cover the licence fees to be received by
Powerhouse for any deployment of the DMG technology, has yet to be
agreed.
-ENDS-
For more information,
contact:
Powerhouse Energy Group plc |
Tel: +44 (0) 203 368 6399 |
James Greenstreet, Non-Executive
Chairman |
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WH Ireland Limited (Nominated Adviser) |
Tel: +44 (0) 207 220 1666 |
James Joyce/ Megan Liddell |
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Turner Pope Investments
(TPI) Ltd (Joint Broker) |
Tel: +44 (0) 203 657 0050 |
Andrew Thacker / James Pope |
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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 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 £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
About Hydrogen Utopia
Hydrogen Utopia International PLC was founded in 2020 by
Aleksandra Binkowska and has
subsequently received financial backing from a number of high net
worth investors. HUI will initially focus its proposed rollout
of DMG® technology on areas where substantial EU and/or
government funded sources of grants and loans are available, such
as the EU’s “Just Transition Fund” which was set up to help
fossil fuel dependent communities such as Konin in Poland transition towards climate neutrality,
or where substantial private sector backing is accessible.
For more information see www.hydrogenutopia.eu/