POWERHOUSE ENERGY GROUP PLC - Development partner update
PR Newswire
London, November 11
12 November 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Development partner, Hydrogen Utopia International, sign framework agreement with Linde Engineering
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to announce its development partner Hydrogen Utopia International PLC (HUI) has signed a framework agreement with Linde Engineering.
The framework agreement provides Linde Engineering with a five year exclusivity to supply HUI in HUI's development of Powerhouse DMG technology particularly in Poland, Hungary and Greece where HUI holds exclusivity for promotion and marketing of DMG technology and potentially on the wider European Continent on a project by project basis. It permits Linde Engineering at their discretion to engage on any individual project, from equipment supply through to design and build, and, subject to Chemical Thermal Conversion Chamber supply approval, to a full EPC in the areas of the European Economic Area on any HUI developed project.
Linde Engineering has finalised a technical feasibility evaluation to deploy the syngas clean-up and hydrogen extraction of Powerhouse DMG technology at a planned plant to be located in Konin, Poland. The project, if completed, is expected to contain ten DMG units in one geographical area.
This project is subject to funding approval by the European Union's Just Transition Fund which will be matched by funds from the Polish Government.
Powerhouse announced on 7 October 2021 that it had entered into a binding collaboration agreement (the "Collaboration Agreement") with HU2021 International UK Limited, a wholly owned subsidiary of Hydrogen Utopia International PLC, to market the deployment of DMG technology in territories outside the UK. Any opportunities identified by Linde and HUI will be subject to the terms of the Collaboration Agreement.
The formal IP Implementation licence to HUI for construction of its projects approved by Powerhouse, which will cover the licence fees to be received by Powerhouse for any deployment of the DMG technology, has yet to be agreed
James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said:
"We are delighted HUI is moving forward with seeking the commercialisation of DMG in Europe, having signed a framework agreement with Linde Engineering, at our roundtable event to mark the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow. We look forward to HUI and Linde's collaboration which would use Powerhouse technology to help accelerate Poland's clean energy transition. HUI is championing our technology across Europe and potentially the world - helping provide a global solution to plastic waste."
More information about plans for the rollout of the DMG technology will be announced in due course.
-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/ Megan Liddell | |
| 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/
