(Alliance News) - Powerhouse Energy Group PLC said Monday it has signed a collaboration contract with waste infrastructure project developer Peel Environmental and environmental engineer Waste2Tricity Ltd.
Shares in the waste-to-energy technology firm were up 7.0% at 0.49 pence on Monday.
Under the contract, Powerhouse will look to develop a minimum of ten sites in the UK housing its DMG waste-to-energy technology, which will deal with the recycling of plastics.
DMG is the thermal conversion of carbonaceous organic materials – converting complex molecules to simple, safe molecules.
Peel has been planning to develop "Plastic Parks" where plastic waste can be recycled and regenerated, and on further evaluation concluded that Powerhouse's DMG process will become the key part of each facility.
Peel will contribute its land bank, industrial real estate and infrastructure support, while Waste2Tricity will act as project developer for each site. Powerhouse meanwhile will provide the engineering, delivery and operation of its DMG technology.
"This contractual agreement represents a substantial commitment from Peel to the wider deployment of DMG Energy Recovery Technology in the UK. Their commitment to commercial and funding engagement is an important step for Powerhouse. Peel will aid the roll out of the technology and importantly they share our vision of the great potential arising from the distributed hydrogen economy," said Chief Executive Officer David Ryan.
Powerhouse Ener (PHE)