POWERHOUSE ENERGY GROUP PLC - Heads of Terms agreed for licence of DMG technology
PR Newswire
London, November 11
12thNovember 2020
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Heads of Terms agreed for licence of DMG technology in Poland
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce that yesterday (11.11.2020) it signed non-binding Heads of Terms with Hydrogen Utopia International Limited (HUI) with a view to granting HUI an exclusive non-transferable licence for the application of its DMG technology in Poland.
The use of this technology, which is designed to convert waste plastic into a syngas and/or hydrogen, will be subject to a formal agreement being reached between Powerhouse and HUI.
Tim Yeo, Chairman of Powerhouse Energy Group, said:
"We are delighted to have signed Heads of Terms with HUI. Powerhouse look forward to working with HUI on the potential use of our DMG technology being rolled out in Poland."
Aleksandra Binkowska, Founder of HUI, said:
"It is a privilege and honour for HUI to enter into heads of terms in relation to rights to the technology of Powerhouse as the first company on the Continent. At HUI we believe that the DMG System is the one that will help save the world from unrecyclable plastic and we are thrilled that Poland will lead the way in creating low cost hydrogen and we hope that other countries will take our lead. On behalf of HUI I would like to thank the Board of Powerhouse for this opportunity and partnership."
Following this signing HUI paid Powerhouse a non-refundable deposit of €100,000.
More information about HUI's plans for the rollout of the technology in Poland and the partners with whom it will be working in Poland will be published in due course.
-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/Lydia Zychowska | |
| Turner Pope Investments Ltd (Joint Broker) | Tel: +44 (0) 203 657 0050 |
| Andrew Thacker/Zoe Alexander | |
| Ikon Associates (Media enquiries) | Tel: +44 (0) 1483 271291 |
| Adrian Shaw | Mob: +44 (0) 7979 900733 |
SistersmithPR (Media enquiries)
Becca Smith Mob: +447766522305
Notes for 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.net
About Hydrogen Utopia International
Hydrogen Utopia International was founded in 2020 by Aleksandra Binkowska with the aim to turn Poland and the EU to net positive through using unrecyclable plastic and transforming it into low cost hydrogen and electricity. The UK based technology company is actively working with the EU to gain funding and subsidies for the first waste to energy DMG plant in Konin, Poland.
https://www.hydrogenutopia.eu/
