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(Sharecast News) - Waste plastic-to-hydrogen technology company Powerhouse Energy said on Tuesday that its development partner Hydrogen Utopia International (HUI) has signed a letter of intent with the City of Simitli in Bulgaria.
The AIM-traded firm said the letter set out HUI's intention to build and manage a 'Distributed Modular Gasification' (DMG) plant using Powerhouse technology, in a commercial sector close to existing waste remediation facilities in the south-west of Bulgaria.
It said the project would be subject to approval by Powerhouse.
"Powerhouse is pleased to see HUI's progress in Bulgaria," the board said in its statement.
"Powerhouse announced on 7 October that it had entered into a binding collaboration agreement with HU2021 International UK, a wholly owned subsidiary of Hydrogen Utopia International, to market the deployment of DMG technology in territories outside the UK."
All potential projects under the collaboration agreement would be subject to approval by Powerhouse, and the formal intellectual property Implementation licence to HUI for construction of approved projects.
"[That would] cover the licence fees to be received by Powerhouse for any deployment of the DMG technology, [and] has yet to be agreed."
At 1045 GMT, shares in Powerhouse Energy Group were up 0.85% at 4.64p.
15 Sep 2015 09:04