Extension of SPV loan facility

POWERHOUSE ENERGY GROUP PLC - Extension of SPV loan facility

PR Newswire

London, February 25

Powerhouse Energy Group plc

("Powerhouse Energy" or the "Company")

28 February 2022

Extension of SPV Loan Facility

Powerhouse Energy Group plc is the UK headquartered technology company commercialising hydrogen production from non-recyclable plastic waste. The company has an update on the loan facility it provided to Protos Plastics to Hydrogen No. 1 Limited, the special purpose vehicle (“SPV”) established by the Company’s partner, Peel NRE, to develop the plant at the Protos site (the “Loan Facility”).

Further to the announcement issued on 1 November 2021, the Company has agreed to extend the availability period for the Loan Facility to the SPV until 31 August 2022. As a result of progression made by the SPV, Peel NRE and Powerhouse Energy, the loan has been extended to support the expected timeframes for negotiation and completion of contractual arrangements by the SPV, required for the commencement of the first build at Protos, in the UK.

Upon taking the helm, Powerhouse Energy’s new leadership has been quick in engaging with Peel NRE, and this has secured a mature open culture, and focused level of engagement. 

The Company’s priority remains to ensure the first hydrogen facility using its DMG technology, based at its UK partner Peel NRE’s Protos site, becomes operational during 2023.

-ENDS-

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Notes to Editors:

About Powerhouse Energy Group plc

Powerhouse Energy has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to convert them efficiently and economically 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 process.

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