POWERHOUSE ENERGY GROUP PLC - Progress update
London, March 22
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
23 March 2021
PowerHouse Energy Group plc (AIM: PHE) ("Powerhouse" or the "Company"), the sustainable hydrogen company pioneering hydrogen production from waste plastic, announces an update on its progress in the UK and Poland.
The Company's priority is to ensure the first hydrogen facility using its DMG technology, based at Peel NRE's Protos site, meets the target of being commissioned and operational by the end of Q1 2022.
77 sites have been identified as potential locations for Powerhouse plants in the UK. The development of the UK pipeline will form the springboard for the international expansion of the Powerhouse business model.
Last November Powerhouse 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 the country. Progress in Poland since then has been so satisfactory and the Company believes that, subject to agreeing a binding agreement with HUI, a first plant in Poland may be commissioned within a similar timeframe to the one proposed at the Protos site.
The Company also intends to examine market conditions in other east and Central European countries later this year. The Company intends to seek partners in other geographies to work with, adopting a similar business model to that envisaged with Peel NRE in Britain and HUI in Poland.
Tim Yeo, Executive Chairman of the Company, said:
"This is an exciting year for Powerhouse Energy as we focus on the Protos build and aim to see good progress of our technology in Poland. As we look ahead to the all-important United Nation's Climate Change Conference of the Parties (COP26) in Glasgow later this year, we hope Powerhouse technology can be championed as a part of the solution to the world's environmental challenges.
As announced on 19 March, I am delighted that TPI were able to place existing Powerhouse shares with a significant institutional shareholder and a small number of other investors."
For more information, contact:
|Powerhouse Energy Group plc||Tel: +44 (0) 203 368 6399|
|Tim Yeo, Executive Chairman|
|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|
|SisterSmith PR (media enquiries)|
|Mob: +44 (0) 7766522305|
Notes for editors:
About Powerhouse Energy Group plc
Powerhouse, the sustainable hydrogen company, 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 GBP500,000 in respect of each project which is commissioned.
Powerhouse Energy Group's unique technology provides a solution to non-recyclable plastic and produces a clean fuel that can help improve air quality by replacing diesel with hydrogen as a transport fuel.
Powerhouse technology aims to be used at a local level providing a closed loop solution within the community for non-recyclable plastic waste, cleaning up our oceans and helping to accelerate the clean energy transition to reach the target of net zero emissions by 2030.
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