Last checked at 5 Jun 2017 07:00
POWERHOUSE ENERGY GROUP PLC - Collaboration Agreement of up to £500,000POWERHOUSE ENERGY GROUP PLC - Collaboration Agreement of up to £500,000
PR Newswire
London, June 5
5 June 2017
PowerHouse Energy Group Plc(“PowerHouse”, or the “Company”)
PHE Collaboration Agreement of up to £500,000
PowerHouse Energy Group Plc (AIM: PHE), the company focused on ultra high temperature gasification waste to energy systems, and the creation of Distributed Modular Gasification© (DMG), is delighted to announce a collaboration agreement with a UK partner involved in the development of energy and waste projects.
Subject to achieving certain performance milestones of the G3-UHt demonstration unit sited at Thornton Science Park and to entering into an option to lease land to site the units, the partner has committed two tranches of funding of up to £500,000 in aggregate to meet the cost of preparing and funding applications for planning permission and environmental permits of the initial demonstration unit and first five PHE Waste-to-Energy G3-UHt systems.
The agreement will require PowerHouse to supply five systems at locations of the partners' choosing on a prioritised basis, based upon the completion of UK Certifications and demonstration of the G3-UHt unit in active operation.
Keith Allaun, Executive Chairman of PowerHouse, said: “It is gratifying and reassuring to have attracted a significant and large corporate partner to work with PHE and Waste2tricity Ltd in rolling out Distributed Modular Gasification© in the UK. DMG systems allow for the environmentally responsible conversion of waste into electricity and the creation of distributed hydrogen for commercial uses. This event marks a turning point in the commercial development of the Company. Our engineering team continues to meet its objectives and we look forward to the public demonstration of the G3-UHt system in the coming period."
For more information, contact:
| PowerHouse Energy Group plc Keith Allaun, Executive Chairman | Tel: +44 (0) 203 368 6399 |
| WH Ireland Limited (Nominated Adviser) James Joyce / James Bavister | Tel: +44 (0) 207 220 1666 |
| Turner Pope Investments Ltd (Joint Broker) Ben Turner / James Pope | Tel: +44 (0) 203 621 4120 |
| Smaller Company Capital Limited (Joint Broker) Jeremy Woodgate | Tel: +44 (0) 203 651 2910 |
| IFC Advisory (Financial PR & IR) Tim Metcalfe / Miles Nolan | Tel: +44 (0) 203 053 8671 |
About PowerHouse Energy
PowerHouse is the holding company of the G3-UHt Ultra High Temperature Gasification Waste-to-Energy system, and the creator of Distributed Modular Gasification© (DMG). The Company is focused on technologies to enable energy recovery from municipal waste streams that would otherwise be directed to landfills and incinerators; or from renewable and alternative fuels such as biomass, tyres, and plastics to create syngas for power generation, high-quality hydrogen, or potentially reformed into liquid fuels for transportation. DMG allows for easy, economical, deployment and scaling of an environmentally sound solution to the growing challenges of waste elimination, electricity demand, and distributed hydrogen production.
PowerHouse is quoted on the London Stock Exchange's AIM Market. The Company is incorporated in the United Kingdom.
For more information see www.powerhouseenenergy.net