(Alliance News) - Hydrogen Utopia International PLC and Powerhouse Energy Group PLC on Monday said they have reached agreement on a joint venture to develop a waste-to-hydrogen facility in north central Ireland.
Late last year, Powerhouse said it had decided to defer investment in the proposed joint development at the Fisherstown Energy Park in County Longford, but the two companies on Monday said they now have agreed a way forward.
Hydrogen Utopia said its two Irish subsidiaries, Alister Future Technologies Ltd and Eranova Longford Ltd, have entered a subscription and shareholder agreement with Powerhouse subsidiary Powerhouse Energy International Ltd to build the plant.
Alister Future Technologies and Powerhouse Energy International each will own 50% of Eranova, and they will share development costs equally.
Eranova has an option for a lease at the Fishertown site, with payment of EUR150,000 due once planning permission is received. Both AFT and PHE will provide Eranova with shareholder loans to cover this.
The Longford project, which will turn plastic waste into hydrogen, is expected to benefit from an EU development fund for the Irish Midlands, Hydrogen Utopia said.
Hydrogen Utopia is a London-based operator of facilities that turn non-recyclable mixed-waste plastic into hydrogen and other carbon-free fuels. Bridgend, Wales-based Powerhouse Energy has developed a process technology to do this.
Hydrogen Utopia shares were up 3.6% to 9.32 pence midday Monday in London. Powerhouse Energy shares were up 16% to 0.90p.
By Tom Waite, Alliance News editor
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Hydrogen Utopia (HUI)
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