Powerhouse Energy Group PLC - Bingley, England-based hydrogen from waste plastic producer - Agrees terms with Hydrogen Utopia International PLC for the joint development of a non-recyclable waste plastic hydrogen facility at a site in Konin, Poland. Says it will contribute for development costs for the project with HUI on a 50:50 basis. Powerhouse Energy agrees to a fixed sum at EUR250,00 for any costs that HUI has incurred in developing the site, and the Konin project to date will be recognised as part of HUI's contribution to the development costs of the JV. Says HUI will also receive a premium of EUR250,000, bringing the total contribution from Powerhouse to HUI to EUR500,000.
Hydrogen Utopia International, based in London, pioneers in non-recyclable waste plastics to hydrogen technology. This joint venture comes after another arrangement made last month between the two firms regarding a 50:50 JV for a waste plastic to hydrogen facility in Ireland's Tipperary.
HUI Executive Chair Guy Peters says: "This deal formalises the previous co-operation between HUI and PHE on the Konin project and will enable us to utilise the technological expertise and skills of each of our teams and the wider network of suppliers and experts of both companies."
Current Powerhouse stock price: 1.72 pence, down 4.3%
12-month change: down 53%
Current HUI price: 9 pence, up 1.1%
Change since IPO: down 10%
By Xindi Wei; firstname.lastname@example.org
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