Last checked at 14 Sep 2021 07:00
POWERHOUSE ENERGY GROUP PLC - Development partner updatePOWERHOUSE ENERGY GROUP PLC - Development partner update
PR Newswire
London, September 13
14 September 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
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”.
-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 | |
| 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 and 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/