POWERHOUSE ENERGY GROUP PLC - Exclusivity agreement signed with HUI
London, August 30
31st August 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Powerhouse signs binding exclusivity agreement to deploy technology in Poland, Greece and Hungary
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce that it is has entered into a binding agreement (the "PGH Exclusivity Agreement") with Hydrogen Utopia International PLC ("HUI") under which HUI has been granted an exclusive non-transferable licence for the application of Powerhouse's DMG technology in Poland, Greece and Hungary. HUI's corporate mission is to create a project pipeline for Powerhouse's DMG technology in these regions through seeking funding from and partnering with states, regional authorities and the private sector in targeted regions to facilitate the deployment of DMG technology.
The PGH Exclusivity Agreement follows the agreement of non-legally binding heads of terms with HUI for Poland announced on 12 November 2020 and Greece and Hungary announced on 10 May 2021 and the payment by HUI to Powerhouse of deposits totalling €125,000. Under the PGH Exclusivity Agreement, HUI will pay Powerhouse a further €325,000 by the end of 2021, when the formal intellectual property licence for the DMG technology is anticipated to have been granted to HUI, with a further €300,000 to be paid 12 months later. A royalty fee will be agreed as part of the expected licence agreement.
In addition, Powerhouse will continue to receive a licence fee for any DMG plant which becomes operational in any location in the world. Consequently, the Company's worldwide rights to ongoing licensing fees for the DMG technology are unaffected by the PGH Exclusivity Agreement.
James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said:
"Powerhouse is pleased to sign this binding exclusivity agreement with HUI which is a champion of our technology, seeking to drive its rollout across Poland, Greece and Hungary. This builds on our announcement of 12 November 2020 and is part of our long-term vision for DMG technology to be deployed internationally, helping the world transition to clean energy whilst providing a solution to end-of-life plastic".
Aleksandra Binkowska, CEO of HUI, said:
"We are delighted to have formalised HUI's exclusivity arrangements for DMG with Powerhouse for Poland, Greece and Hungary. HUI will use its local networks and relationships in the countries licensed to it to help to look to secure project approvals, finance and technical expertise to facilitate the deployment of DMG technology. This will bring us closer towards our mission to accelerate the development of a circular and net zero carbon economy in Europe."
More information about HUI's plans for the rollout of the technology in Poland, Greece and Hungary and the partners with whom it will be working with will be published in due course.
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/ Lydia Zychowska|
|Turner Pope Investments (TPI) Ltd (Joint Broker)||Tel: +44 (0) 203 657 0050|
|Andrew Thacker / James Pope|
|SisterSmith PR (media enquiries)|
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/