PowerHouse makes progress in the UK and Poland

(Sharecast News) - Waste-to-hydrogen technology company PowerHouse Energy reported progress in the UK and in Poland on Tuesday, as it worked to construct sites in both countries.
The AIM-traded firm said its priority was to ensure the first hydrogen facility using its DMG technology, based at Peel NRE's Protos site, met the target of being commissioned and operational by the end of the first quarter of 2022.

It said 77 sites had been identified as potential locations for PowerHouse plants in the UK, adding that the development of the UK pipeline would form the springboard for the international expansion of its business model.

In November, the company signed non-binding heads of terms with Hydrogen Utopia International (HUI), with a view to granting HUI an exclusive non-transferable licence for the application of its DMG technology in Poland.

Progress in the country since then was described as satisfactory, with the board saying that, subject to agreeing a binding agreement with HUI, a first plant in Poland could be commissioned within a similar timeframe to the one proposed at the Protos site.

The company said it also intended to examine market conditions in other east and central Europe countries later in the year.

It was intending to seek partners in other geographies to work with, adopting a similar business model to that envisaged with Peel NRE in the UK and HUI in Poland.

"This is an exciting year for PowerHouse Energy as we focus on the Protos build and aim to see good progress of our technology in Poland," said executive chairman Tim Yeo.

"As we look ahead to the all-important United Nations Climate Change Conference of Parties (COP26) in Glasgow later this year, we hope PowerHouse technology can be championed as a part of the solution to the world's environmental challenges."

At 1003 GMT, shares in PowerHouse Energy Group were up 0.37% at 6.72p.