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(Sharecast News) - Waste-to-hydrogen technology company Powerhouse Energy has entered into a binding collaboration agreement with HU2021 International (HUI), a wholly owned subsidiary of Hydrogen Utopia International, to market the deployment of 'DMG' technology outside the UK, it announced on Thursday.
The AIM-traded firm said that under the deal, Powerhouse and HUI agreed to pursue the development and implementation of distributed and modular production of hydrogen and power from waste materials on a commercial basis for mutual benefit in Poland, Greece and Hungary, where HUI was granted exclusivity, and in other territories outside the UK on a non-exclusive basis.
Powerhouse said it also agreed that it could grant HUI exclusivity over further territories outside the UK, subject to new exclusivity agreements.
Proposed projects presented to Powerhouse outside the territories in which HUI had granted exclusivity could be accepted or declined on a project-by-project basis, with fees being generated for Powerhouse by intellectual property licence agreements to be agreed at the time and also, if appropriate, exclusivity agreements.
The deal would create a framework for the marketing and development of Powerhouse's DMG technology, the use of Powerhouse's design materials to identify projects, and the relevant intellectual property licences necessary to facilitate the development and implementation of projects, the board explained.
It said it also provided for Powerhouse to provide services where requested on payment of service fees, to assist in developing and implementing projects.
"Powerhouse is pleased to sign this collaboration agreement with HUI which is championing our technology across Europe and potentially the rest of the world," said non-executive chairman James Greenstreet.
"This agreement provides a framework for us to move forward with projects with Hydrogen Utopia and will help to deliver our long-term vision for DMG technology to be deployed internationally, helping the world transition to clean energy whilst providing a solution to end-of-life plastic."
At 1443 BST, shares in Powerhouse Energy Group were up 14.45% at 4.08p.
30 Oct 2023 10:25
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