Powerhouse Ener Share News (PHE)

(Sharecast News) - Waste-to-hydrogen technology company PowerHouse Energy Group has received a formal invitation from Toyota Tsusho Corporation of Japan to engage in advanced commercial discussions regarding its 'DMG' technology, it announced on Monday.The AIM-traded firm said the invitation was made following an "extensive" review of the DMG technology by Toyota Tsusho's chemical business development division, and subsequent to PowerHouse having achieved its recent 'statement of feasibility' by technical assurance provider DNV-GL.It said that, Following Toyota Tsusho's review of the PowerHouse basic engineering package and the DNV-GL technical qualification process, PowerHouse was now welcoming the news that Toyota Tsusho had positively reviewed the DMG technology and considered that DMG and its application within Japan and Asia offered significant potential."We have been reviewing Power House Energy's DMG technology over the last few months and take great interest in it," said Toyota Tsusho's general manager of chemical business development Takashi Torigoe."We are excited and looking forward to a potential partnership in Japan and possibly worldwide."Discussions with Toyota Tsusho had been led by PowerHouse's UK project development team, Waste2Tricity, with support from its technical team, the company explained.It said it expected that the next level of work for Toyota Tsusho by PowerHouse would include further technical and commercial application engineering for the Toyota Tsusho/W2T project teams to secure regional early adopters, to enhance the project pipeline in a variety of geographies."Whilst there can be no certainty these negotiations will result in a formal agreement, I'm extremely enthusiastic about this opportunity to explore how our DMG technology can be exploited in Japan - an ideal market for our systems," said PowerHouse Energy chief executive officer Keith Allaun."Toyota is taking a leading role globally in the use of hydrogen in transport and appears to recognize the value proposition that our distributed system has with its small footprint, its efficiency, and its ability to deliver road-quality hydrogen, at a competitive price, as and when its needed."Toyota Tsusho is one of the 17 members of the Toyota group, operating as a general trading company.