(Alliance News) - Hydrogen Utopia International PLC and Powerhouse Energy Group PLC on Tuesday said they have agreed heads of terms for the joint development of a non-recyclable plastic waste-to-hydrogen facility in Longford, Ireland.
Bingley, England-based Powerhouse Energy has developed a process that turns waste plastic, tyres, and other waste into syngas.
London-based Hydrogen Utopia operates facilities that turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, new materials, or distributed renewable heat.
Powerhouse Energy will pay Hydrogen Utopia GBP400,000 in cash for Hydrogen Utopia's work on the project so far. Thereafter, development costs will be shared equally as part of a joint venture.
The plant at Longford in the Irish Midlands will be located at the Fisherstown Energy Park, which the partners noted has its own electrical grid connection, an electrical substation, and the potential to use existing wastewater treatment facilities on site.
Given its location in Ireland, the project has the opportunity for an EU grant through the Just Transition Fund.
"This joint venture aligns the interests of both HUI and PHE to make this project a success," commented Keith Riley, acting chief executive officer of Powerhouse Energy. "It is also in line with the company's growth strategy, with PHE having a seat at the table in the project decision making."
Hydrogen Utopia and Powerhouse Energy also are working together on a waste-to-hydrogen plant in Konin, Poland.
Hydrogen Utopia shares were quoted at 12 pence on AQSE in London on Tuesday, down from 12.5p on Monday. Powerhouse Energy was quoted at 0.95p on AIM, flat on the day.
By Tom Waite, Alliance News editor
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Hydrogen Utopia (HUI)
Powerhouse Ener (PHE)