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(Sharecast News) - Plastic waste-to-hydrogen technology company Powerhouse Energy updated the market on its UK progress on Monday, reporting that the special purpose vehicle to develop the Protos plant and project had advanced work towards construction contracting.
The AIM-traded firm said its priority remained 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 established by Peel NRE to develop the plant and to own rights to the first project at Protos, had made progress on the necessary contracting arrangements to reach construction start, with support from the company and Peel NRE.
Powerhouse said "significant works" had been 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, which would provide for further materials recovery and plastics sorting, together with recycling activities.
Peel NRE had 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," the board said in its statement.
"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 special purpose vehicle, announced on 12 May, until 28 February 2022."
At 1124 GMT, shares in Powerhouse Energy Group were down 2.93% at 4.14p.
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