(Alliance News) - Hydrogen Utopia International PLC on Tuesday said it has re-agreed to terms for an evenly weighted joint venture with Powerhouse Energy Group PLC, but no further details were given.
The partnership is for the development of a waste plastic to hydrogen plant at a facility in County Longford, Ireland.
Hydrogen Utopia is a London-based operator of facilities that turn non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels. Powerhouse Energy, which is based in Bridgend, Wales, provides low-cost energy recovery processes in the waste management sector.
This announcement comes after Hydrogen Utopia and Powerhouse Energy said last week that they had 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 had 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.
Shares in Powerhouse Energy surged 10% to 1.05 pence each in London on Tuesday afternoon, while Hydrogen Utopia shares were trading 1.7% higher at 8.90 pence each.
By Sabrina Penty, Alliance News reporter
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Hydrogen Utopia (HUI)
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