Last checked at 10 Jan 2022 07:00
10 January 2022
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Development partner, Hydrogen Utopia International, admitted to trading on AQSE
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to note that its development partner, Hydrogen Utopia International PLC ("HUI"), has had its ordinary shares admitted to trading on the AQSE Growth Market ("AQSE") on 6 January 2022.
HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels (such as syngas, hydrogen and electricity), new materials or distributed renewable heat and is a licensee of Powerhouse.
HUI raised gross proceeds of £3 million by way of a subscription and placing. HUI's existing cash resources, together with the net proceeds of its fundraising, will be used to fund the pre-build costs of a HUI facility, marketing and business development and working capital, including the payment of the amount due to Powerhouse for HUI exclusivity in Poland, Greece and Hungary.
HUI's ordinary shares trade under the ticker "HUI". For more information, please refer to the HUI's AQSE Admission Document which is available on the Company's website: www.hydrogenutopia.eu
-ENDS-
For more information, contact:
Powerhouse Energy Group plc | Tel: +44 (0) 203 368 6399 |
James Greenstreet, Non-Executive Chairman | |
WH Ireland Limited (Nominated Adviser) | Tel: +44 (0) 207 220 1666 |
James Joyce/ Megan Liddell | |
Turner Pope Investments (TPI) Ltd (Joint Broker) | Tel: +44 (0) 203 657 0050 |
Andrew Thacker / James Pope | |
SisterSmith PR (media enquiries)Becca Smith | Mob: +44 (0) 7766522305 |
Notes to Editors:
About Powerhouse Energy Group plc
Powerhouse 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. Powerhouse's technology is one of the world's first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality hydrogen or more than 58MWh of exportable electricity per day.
Powerhouse's process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, Powerhouse will receive an annual license fee of £500,000 in respect of each project which is commissioned.
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.co.uk
About Hydrogen Utopia
Hydrogen Utopia International PLC was founded in 2020 by Aleksandra Binkowska and has subsequently received financial backing from a number of high net worth investors. HUI will initially focus its proposed rollout of DMG® technology on areas where substantial EU and/or government funded sources of grants and loans are available, such as the EU's "Just Transition Fund" which was set up to help fossil fuel dependent communities such as Konin in Poland transition towards climate neutrality, or where substantial private sector backing is accessible.
For more information see www.hydrogenutopia.eu/