Member Info for Piltick

It's ITM's electrolyzer system, increased from 20mw to 40 mw I believe.

Brokerlass: Dave Ryan is still with PHE, and as far as I am aware he is still in the position of CEO until they find a replacement, but he is very busy establishing a new team of engineers for the Protos installation and commissioning, as well as the other DMG installations that will follow. I don't believe he has much free time for "gardening leave" right now!

Thanks for trying BlueToff.

How much does a paid ramper get paid? I might want to apply!

It's good to see an update from Peel. It would also be good to get an update from PHE.

Thanks LedZep.

Hi chopper: One or two points to note:
There is a small prototype-type system running at Thornton Park, but the DMG system planned fro Protos will be the first commercial unit to be built. That's why it's referred to as the FOAK (First of a Kind). Latest target for completion of the installation and having the system operational is Q1 next year. Will it work? Well the engineers assure us that it will!

Peel is the "developer" for the project, not PHE. So Peel are responsible for the site preparation, construction and installation. PHE will be providing the technology and overseeing the installation and acting as consultants.

I reckon there are some big buys still not being shown yet.

Hi Dr.A., I was making my assumption based on the info in the RNS dated 14 January, which stated:

"The Company will use the net funds from the Fundraising to advance the project procurement and delivery of long lead items before the formal financial close of the first commercial scale DMG installation , thereby protecting the targeted timeline for the Company, and advancing the completion of the Company’s DMG technology. This will allow the Company to complete negotiations rapidly for the Special Project Vehicle (“SPV”) to be established to deliver the Protos plant."

The statement went on to say:
"Powerhouse will apply the net funds from the Fundraising to invest alongside Peel NRE Environmental Limited. By providing investment for this SPV, the Company believes that financial close will be significantly expedited."

This suggested to me that PHE and Peel NRE Environmental Ltd would be equal, or near equal, shareholders in the SPV. As the total cost of the project within the SPV has been estimated at £20-£22 million, then PHE's £10M would represent approx. half of the investment required for the SPV.

It would certainly appear that things have slipped quite a bit since the RNS was written on 14th January.

Stumbler, Tim Yeo stated that the target for having the Protos DMG unit completed and operational is Q1 2022.

I was under the impression that ownership i.e. shareholding of the SPV is to be 50/50 between PHE and Peel, and if that's the case then the SPV profits would be shared 50/50. I can't believe that the legals for the SPV will be causing any delay.

I believe that "Financial Close" includes the availability of funds for the project as well as completion of all permits and contracts for the construction etc. As planning permission was granted some time ago and PHE has already secured their £10M to cover their 50% share of the SPV, I imagine that only leaves Peels share of the funding and completion of the contracts for construction in order to reach "Financial Close".

I see that Peel L&P Environmental Ltd. changed their name to Peel NRE Environmental Ltd. on 20 Nov. 2020, and then to Peel NRE Ltd. on 14 Jan. this year. Their accounts to 31st March 2020 have been filed, and accounts to 31 March 2021 will be due by 31 December this year.

Peel NRE Ltd. is part of the group Peel L&P Property Holdings Ltd. which is a private company with data available on Companies House web site.

Our time will come!
Glad you enjoyed your bike ride though!

Dr.A: My understanding (and I could be wrong, perhaps someone could confirm or otherwise) is that the gasification process itself doesn't release any CO2, and that the syngas consists of a mixture of Hydrogen (H2), Carbon Monoxide (CO) and methane (CH4).

When the hydrogen is extracted, that leaves CO and CH4. When the carbon monoxide and methane is burned as a fuel to generate electricity, then that is the point at which CO2 is produced. But the quantity of CO2 produced by this process is very much less than would be produced and released into the atmosphere if the plastic feed stock was to be incinerated instead of being processed through the DMG system.

I would be interested to hear from anyone who can give more detail about this.

NutH, I believe it is W2T Thailand, originally a subsidiary of W2T here in the UK, but I don't know who owns them now.

Yes Jack, same Whites, with a major holding in PHE.

Some of the carbon is left over as a black residue in the chamber, but I'm not sure what proportion of carbon. Some carbon is also contained within the syngas in the form of CO.

Compared to ITM it's a lot cheaper, and PHE will probably be in profit before ITM.

I'm expecting quite a bit of significant news over the next few weeks, and some perhaps over the next couple of months:
Not necessarily in this order:
- Announcement of new CEO
- Announcement of orders placed for long lead items. Tim Yeo said that may even take place before the end of March.
- Announcement that site works have commenced at Plot 10, Protos.
- Financial Close. TY said this is expected to be completed in Q2, but it involves several items:
> Peel to establish the SPV company which will be owned by Peel and PHE.
> Peel to complete their part of the Financial Close (PHE has already raised funds to cover their share of the SPV.)
> Peel to exercise its option to take up exclusive rights as "developer" in the UK, and pay £500k to PHE for those rights.
> Financial Close will also trigger the start of Peel's 6-month option to invest £10M in new shares in PHE.
> Update on DMG project in Glasgow.
> Update on DMG project in Manchester.
> Update on DMG projects in Poland.
> Update on timeline for DMG at Protos. TY has stated that the "Target" for completion and to become operational is Q1 2022.

So I believe that exciting times lie ahead, but in the meantime patience is still required!

Thanks LedZep. Keep up the good work!

Hear hear!