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The Powerhouse Energy Group PLC (LON: PHE) share price fell 9% after revealing that it had completed two crucial infrastructure steps at its Protos Energy Park. The two milestones brought it much closer to constructing the first hydrogen production facility using end-of-life plastic, which cannot be recycled.
The Company has received two initial asset finance offers for the New Test Unit. In the unlikely event the Company does not receive the asset finance, it will need to reduce expenditure on capital projects, offset by income from Engsolve activities.
"We look forward to providing further updates on Protos in due course."
"This is a significant and exciting development for PHE as the Company will now be solely responsible for developing the project at Protos. We wish to thank the Peel team for their work to date, putting the planning permission and basic infrastructure in place, and we look forward to continuing our excellent working relationship with them as landlord of the site.
"We look forward to providing further updates on Protos in due course."
Powerhouse Engsolve, provided process, chemical and project support services to the site-based manufacturing team of a thermoplastic elastomer manufacturer in the expansion of the client’s manufacturing facility. The remit of the manufacturing team was to ensure that the detailed design met all operability requirements and that the learnings from experience gained on existing lines at the South Wales and other world-wide facilities were incorporated.These included meeting the needs of the host site utility systems in order to minimise capital investment. Powerhouse Engsolve took the lead in developing a solids transfer system that would otherwise have not met the throughput capacity of the lines. Engsolve also provided support to the pre-commissioning and commissioning teams for the expansion project.
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Mr Riley explained the thinking behind the agreement with Petrofac. He said: “The agreement allows the two companies to work closely together and brings, to our projects, a significant depth of knowledge and breadth of skills within Petrofac as well as its extensive experience in the market, particularly with the supply chain. I think the way we have set up this agreement brings an exceptional partner on board to take forward our projects that Powerhouse Energy has not had previously.”
Jon Carpenter, vice president, new energy services, Petrofac, commented: “We are thrilled to be selected as partner with PHE. We see gasification of waste as a key enabler for a net zero future. We look forward deploying our engineering, project delivery and operational experience to drive their projects to success.”
Completion of lease on Powerhouse Technology Centre
Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy, is pleased to announce that it has entered into a lease agreement for a building to house the forthcoming Powerhouse Technology Centre (the "Centre"), formerly referred to as the Global Technology Innovation Centre.
The Centre is being created to develop the technology readiness level, the technologies and systems that PHE has within its offering, reinforcing the Company's growth strategy as well as its future pipeline of low carbon solutions. The objectives while finding a location were to be close to manufacturing, technology and research networks, at the same time making the centre accessible to customers. The Centre will be located at Unit 3/3A, Garth Drive, Brackla Industrial Estate, Bridgend CF31 2AQ and extends to 938 square metres, which will house the feedstock testing unit, offices and facilities for meetings and presentations. The lease term is 10 years with a break option at 5 years; at a rental of GBP46,000 per annum.
Bridgend is regarded as one of the premier business locations in South Wales, situated midway between Cardiff and Swansea, and meets all of our criteria for the site. PHE will use existing cash resources to fit out the Centre, which is anticipated to cost approximately GBP2million, including the testing equipment.
Keith Riley, Acting Chief Executive Officer of PHE, commented:
Keith Riley, Acting Chief Executive Officer of PHE, commented:
"Having spent some time considering the best option for the Protos project, we have agreed with Peel that PHE will assume full control of the project and its further development. In this respect, we have already started working with Petrofac and are reviewing the engineering of the project with the view to optimising costs and performance. The next step will be to seek commercial agreements for the offtakes, whether electricity, heat, hydrogen or other products, before seeking to raise finance for the construction.
"This is a significant and exciting development for PHE as the Company will now be solely responsible for the development of the project at Protos. We wish to thank the Peel team for their work to date, putting the planning permission and basic infrastructure in place and look forward to continuing our excellent working relationship with them as landlord of the site.
"We look forward to providing further updates on Protos in due course."
Dear Sir Lindsay,
Thank you for your email of 4 April, enclosing correspondence from your
constituent, regarding the UK position on installing hydrogen
fuelling stations. I am replying as the Minister responsible for this issue.
While the Government expects battery electrification to remain the dominant
zero emission technology for cars and vans, hydrogen offers advantages over
batteries where vehicles need longer ranges and more rapid refuelling (such
as long-distance Heavy Goods Vehicles) or have greater energy density (for
example non-road mobile machinery, aviation and shipping).
The Department’s £23m Hydrogen for Transport Programme funded three.
new refuelling stations, upgraded two stations, and supported deployment of
182 vehicles (179 cars and 3 buses). There are now nine publicly accessible.
refuelling stations with five more planned. They are serving approximately.
230 vehicles including buses, HGVs and light duty cars and vans.
Support for additional hydrogen refuelling infrastructure will be linked to
research and development programmes that will provide a base level of
demand. Currently these are the Zero Emission Road Freight Demonstrator
programme that will showcase zero emission HGV technologies on UK roads,
and the Tees Valley Hydrogen Transport Hub which will co-locate hydrogen.
supply (production) and demand (vehicles).
Yours ever,
RT HON JESSE NORMAN MP
MINISTER OF STATE FOR TRANSPORT