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LONDON (Alliance News) - PowerHouse Energy Group PLC shares rose Friday as it expressed confidence about signing a commercial contract in the near future.
Shares were up 10% on Friday morning at a price of 0.41 pence each.
PowerHouse is developing a distributed modular gasification technology which can turn waste plastic into hydrogen which can be used, amongst other things, in vehicles.
PowerHouse said there has been significant interest from potential customers, development partners, and contractors in the last few months for DMG projects, and it is confident it can soon sign a firm commercial contract which would generate revenue.
It expects reaching a heads of terms agreement with "at least" one customer in the next three months.
PowerHouse is in talks on planning and permitting for potential DMG sites, and also discussing engineering, procurement, and construction with "several" blue-chip firms.
The company is now also targeting Japan as well as the UK, with partner Waste2Tricity in talks with Toyota Tsusho Corp which could lead to Toyota becoming a partner in taking the DMG technology to Japan.
Chief Executive David Ryan said: "Considerable progress has been made in terms of us maturing negotiations towards final contract stage and in dealing with the substantial increase in commercial leads.
"The PowerHouse commercial and engineering teams and our project development partners W2T have dealt with the increase in such interest magnificently, screening opportunities, delivering proposals to potential customers and proactively following up as appropriate and, importantly, within budget."
"Our core focus is on securing the first contract, and the significant strides we have made in recent months and weeks are a strong indicator of the solid progress being made towards building the first DMG plant," he added.
