Last checked at 9 May 2019 07:00
POWERHOUSE ENERGY GROUP PLC - Developer W2T Sign Power AgreementPOWERHOUSE ENERGY GROUP PLC - Developer W2T Sign Power Agreement
PR Newswire
London, May 8
9 May 2019
PowerHouse Energy Group plc
("PowerHouse Energy" or the "Company")
Developer W2T Sign Power Agreement and Waste Feedstock MoU
PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen and clean energy production from waste plastic, is pleased to announce that its exclusive development partner, Waste2Tricity Limited (“W2T”), has agreed that electricity generated by W2T at Protos using DMG® technology will be sold into a private grid operated by Protos and W2T has also agreed a supply agreement for unrecyclable plastic for the DMG® plant. This is a further step in the road to towards achieving Financial Close for the first commercial site utilising PHE’s DMG Technology.
A MOU (Memorandum of Understanding) agreement has been agreed by W2T with the innovative recycler, Advanced Sustainable Developments (ASD), which will see the two companies work collaboratively at the Protos site in Cheshire. The generated electricity from the DMG® process will be supplied back to ASD from the Protos private grid at discount to current power market prices, which will be commercially beneficial to all parties.
W2T has also agreed a supply of feedstock to W2T for processing by DMG® Energy Recovery Technology, which is intended to come from un-recyclable plastic from ASD’s PET plastic recycling project at the Protos site, at a price significantly below current landfill prices. W2T has also arranged back up supply lines for the DMG® plant in the event of delays.
David Ryan, CEO of PowerHouse Energy, commented:
“We are very pleased that our DMG® Energy Recovery Technology will be a key part of the solution at Protos fostered by Peel Environmental with W2T and ASD, which envisages the regeneration of plastics in a circular economy approach to waste management. This matches our vision for the application of the DMG® technology and we believe it heralds the finalisation of a number of further DMG®projects.”
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
ENDS
For more information, contact:
PowerHouse Energy Group plc Tel: +44 (0) 203 368 6399
David Ryan, Chief Executive Officer
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220 1666
James Joyce / Chris Savidge
Turner Pope Investments Ltd (Joint Broker) Tel: +44 (0) 203 621 4120
Ben Turner / James Pope
Ikon Associates (Media enquiries) Tel: +44 (0) 1483 271291
Adrian Shaw Mob: +44 (0) 7979 900733
Notes for editors:
About PowerHouse Energy and DMG technology
PowerHouse Energy has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 50 MWh of exportable electricity per day.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
PowerHouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE, and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.net
About Waste2Tricity (Protos) Limited
Waste2Tricity (Protos) Limited (W2TP) is the SPV (Special Purpose Vehicle) for the implementation of energy-from-waste facilities at the Protos site and has been set up by W2T the development partners of PHE.
Waste2Tricity is a structured solutions provider to the energy-from-waste (EfW) sector, an industry supplying increasing amounts of electricity using feedstock diverted from landfill.
Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that use proven technology, are profitable and progressive; projects that currently use high temperature gasification and either steam cycle or internal combustion engines/gas turbines (ICEs/GTs) to efficiently convert waste to energy.
For more information see www.waste2tricity.com