PHE1 Nov 2021 07:43
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
November 1, 2021
Project update
Powerhouse Energy Group plc, the UK technology company commercializing the production of hydrogen from non-recyclable plastic waste, is pleased to provide an update on its progress in the UK.
The company's priority remains to ensure that the first hydrogen facility using its DMG technology, located at the Protos site of its UK partner Peel NRE, is fully operational during the course of 2023.
Protos Plastics to Hydrogen No. 1 Limited, the special purpose vehicle ("SPV"), was formed by the company's partner, Peel NRE, to develop the facility and own the rights to the first project at the Protos site. The SPV, with the support of the Company and Peel NRE, has made progress on the contractual arrangements required to commence construction, with significant work already under way on parts of the property, including the access road, and morePreparatory work is in progress. In October this year, Peel NRE submitted a planning application for an additional plastics park to Protos, which provides for further material recovery and plastics sorting as well as recycling activities.
Peel NRE has also submitted a building application for a second facility at Rothesay Dock on the north bank of the Clyde in West Dunbartonshire.
Given this progress and the continued commitment of both parties to work together towards the establishment of a pipeline of DMG facilities in the UK, the Company and Peel NRE have agreed to an extension of the termination date within theCooperation agreement agreed (until August 31, 2022) and the end date of Peel NRE's exclusivity option (until August 31, 2022). This reflects the confidence the parties have in the completion of Protos and in their ongoing collaborative arrangements.
The company has also agreed to extend the availability period for the loan facility for the special purpose vehicle, which was announced on May 12, 2021, to February 28, 2022.
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