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(Sharecast News) - Waster plastic-to-hydrogen technology company Powerhouse Energy announced on Friday that its development partner Hydrogen Utopia International (HUI) has signed a framework agreement with Linde Engineering.
The AIM-traded firm said the framework provided Linde with a five-year exclusivity to supply HUI in its development of Powerhouse's 'DMG' technology, particularly in Poland, Hungary and Greece, where HUI geld exclusivity for promotion and marketing of DMG, as well as potentially on the wider European continent on a project-by-project basis.
It would permit Linde, at its discretion, to engage on any individual project, from equipment supply through to design and build, and, subject to Chemical Thermal Conversion Chamber supply approval, to a full engineering, procurement and construction (EPC) in the areas of the European Economic Area on any HUI-developed project.
Linde Engineering had finalised a technical feasibility evaluation to deploy the syngas clean-up and hydrogen extraction of DMG technology at a planned plant to be located in Konin, Poland.
The company said the project, if completed, was expected to contain 10 DMG units in one geographical area.
Powerhouse said the project remained subject to funding approval by the European Union's 'Just Transition Fund', which would be matched by funds from the Polish government.
The company announced on 7 October that it had entered into a binding collaboration agreement with HU2021 International UK, a wholly-owned subsidiary of HUI, to market the deployment of DMG technology in territories outside the UK.
Any opportunities identified by Linde and HUI would be subject to the terms of the collaboration agreement.
The formal intellectual property implementation licence to HUI for construction of its projects approved by Powerhouse, which would cover the licence fees to be received by Powerhouse for any deployment of the DMG technology, was still to be agreed
"We are delighted HUI is moving forward with seeking the commercialisation of DMG in Europe, having signed a framework agreement with Linde Engineering, at our roundtable event to mark the 26th UN Climate Change Conference of the Parties - COP26 - in Glasgow," said non-executive chairman James Greenstreet.
"We look forward to HUI and Linde's collaboration which would use Powerhouse technology to help accelerate Poland's clean energy transition.
"HUI is championing our technology across Europe and potentially the world - helping provide a global solution to plastic waste."
At 1214 GMT, shares in Powerhouse Energy Group were up 30.61% at 5.75p.
15 Sep 2015 09:04