ue, 23rd Mar 2021 07:00
POWERHOUSE ENERGY GROUP PLC - Progress update
POWERHOUSE ENERGY GROUP PLC - Progress update
PR Newswire
London, March 22
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
23 March 2021
Progress update
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.”
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