Powerhouse Energy Agrees on Heads of Terms for JV With Hydrogen Utopia International
13 Luglio 2022 - 10:18AM
Dow Jones News
By Sabela Ojea
Powerhouse Energy Group PLC said Wednesday that it has agreed on
a heads of terms with Hydrogen Utopia International PLC for a
proposed joint development of a site at Lanespark, in the Republic
of Ireland.
The U.K. technology company said each company would equally
contribute to the development costs of the Lanespark project.
Powerhouse Energy will pay HUI a nonrefundable payment of
400,000 pounds ($475,560) in cash, and advance to it a loan of
GBP600,000, each in recognition of HUI's contribution to date to
the Lanespark Project, the company said.
"It is anticipated that the Lanespark Project, which encompasses
a suitable site in an EU Just Transition Fund region, would provide
potential access to an investment-grade plastic feedstock supplier
and the potential to agree offtake for the facility's anticipated
hydrogen and syngas outputs," Powerhouse Energy said.
Shares at 0741 GMT were up 0.05 pence, or 2.4%, at 2.15
pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 13, 2022 04:03 ET (08:03 GMT)
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