Last checked at 30 Nov 2021 07:00
POWERHOUSE ENERGY GROUP PLC - Development partner signs letter of intentPOWERHOUSE ENERGY GROUP PLC - Development partner signs letter of intent
PR Newswire
London, November 29
30 November 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Development partner, Hydrogen Utopia International, signs Letter of Intent with Bulgarian city
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 signed a letter of intent with the City of Simitli, Bulgaria.
The letter sets out HUI's intention to build and manage a Distributed Modular Gasification plant (DMG®) using Powerhouse’s technology sited in a commercial sector close to existing waste remediation facilities in Simitli in the south-west of Bulgaria. The project would be subject to approval by Powerhouse.
Powerhouse is pleased to see HUI’s progress in Bulgaria. Powerhouse announced on 7 October 2021 that it had entered into a binding collaboration agreement (the “Collaboration Agreement”) with HU2021 International UK Limited, a wholly owned subsidiary of Hydrogen Utopia International PLC, to market the deployment of DMG® technology in territories outside the UK.
All potential projects under the Colloboration Agreement are subject to approval by Powerhouse and the formal IP Implementation licence to HUI for construction of its projects approved by Powerhouse, which will cover the licence fees to be received by Powerhouse for any deployment of the DMG technology, has yet to be agreed.
-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/