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(Sharecast News) - Waste-to-hydrogen technology company PowerHouse Energy announced on Friday that its partner, Peel NRE, has signed a letter of intent to supply hydrogen from its planned roll-out of plastic-to-hydrogen facilities to Element 2's proposed network of hydrogen refuelling stations.
The AIM-traded firm said Peel NRE is its exclusive development partner for the technology in the UK.
Under the terms of the option agreement between Peel NRE and PowerHouse, Peel NRE was proposing to develop a hydrogen refuelling station, which would take hydrogen produced by PowerHouse technology from the consented plastic-to-hydrogen facility at Protos in Cheshire.
There were also plans to develop a hydrogen refuelling station at Peel NRE's planned plastic-to-hydrogen facility at North Clyde near Glasgow.
While the company said it was "very encouraged" by the developments, it cautioned that there were no guarantees the facilities would be completed, with the arrangements remaining subject to legally-binding agreements.
"We welcome Peel's plans to supply hydrogen to Element 2 at Protos with the hydrogen being produced by PowerHouse technology," said executive chair Tim Yeo.
"This would be a significant step in kickstarting the UK's infrastructure for the hydrogen economy, helping accelerate the country's clean energy transition."
At 1436 BST, shares in PowerHouse Energy Group were flat at 4.8p.
30 Apr 2014 15:45
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