Development Partner Update14 Sep 2021 08:05
Development Partner Update
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, announces that its partner, Hydrogen Utopia International (HUI), that has exclusivity rights over the Company’s DMG technology in Poland, Greece and Hungary has closed a fundraise on 9 September 2021 of £2.2 million.
HUI intends to use the funds raised to purchase long lead items to build a basic syngas model for the first proposed operating plant in Konin, Poland which would use Powerhouse DMG® technology as a proof of concept. The proposed plant remains subject to permitting, approvals and raising the necessary finance
James Greenstreet, Powerhouse’s Non-Executive Chair, said: “We congratulate HUI for their successful fundraise and progress in moving forward the commercialisation of DMG® in Europe. We look forward to our technology accelerating Poland’s clean energy transition”.