Announcement regarding development partner, HUI
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Announcement regarding development partner, Hydrogen Utopia International PLC
18 January 2022
Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from plastic, notes the announcement made today by its development partner Hydrogen Utopia International PLC regarding its letter of intent with Mitsubishi Heavy Industries Ltd, a copy of which is repeated below.
-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 or 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
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
18 January 2022
Hydrogen Utopia International PLC
(the 'Company' or ‘HUI’)
Agreement with Mitsubishi Heavy Industries Ltd to review and explore opportunities to develop waste plastic to hydrogen facilities in Japan
Hydrogen Utopia International PLC (AQSE: HUI), a company pioneering non-recyclable waste plastics to hydrogen technology, is delighted to announce that it has signed a letter of intent (“LOI”) with Mitsubishi Heavy Industries Ltd (“Mitsubishi”) whereby Mitsubishi will review the technology and explore the commercial opportunities for developing waste plastic to hydrogen facilities, incorporating Powerhouse Energy’s DMG® technology, in Japan.
Mitsubishi will have a period of one year to review the technology under the LOI, unless extended by mutual consent. Any decision to deploy the technology would be subject to further detailed agreement(s) between the parties.
Aleksandra Binkowska, CEO of HUI, commented:
“Mitsubishi Heavy Industries has led the development of environmentally friendly technology in Japan for the last 40 years, helping to move towards a carbon neutral world. We are privileged and honoured to have entered into this agreement with Mitsubishi, which we are very hopeful will lead to a roll-out of HUI facilities across Japan.”
For more information about the Company, please refer to our website: www.hydrogenutopia.eu
For further information please contact:
Hydrogen Utopia International PLC
Aleksandra Binkowska/Guy Peters +44 20 3811 8770
Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)
Jon Isaacs +44 20 3772 0021
Novum Securities Limited (Broker)
Jon Belliss/Colin Rowbury +44 20 7399 9400
About Mitsubishi Heavy Industries Ltd
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world.
MHI’s mission is to channel big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. By bringing people and ideas together as one, we continue to pave the way to a future of shared success. Passionately finding new, simpler and sustainable ways to power our cities, improve infrastructure, innovate manufacturing and connect people and businesses around the globe with ever-increasing speed and efficiency.
This is the power of true harmony. This is what moving the world forward is all about.
This is today's Mitsubishi Heavy Industries Group.
About Hydrogen Utopia International PLC
HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels, new materials or distributed renewable heat.
A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility.
HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price competitive energy sources, which HUI’s business model can provide.
HUI’s initial strategic focus is to work closely with Powerhouse Energy Group plc to create a project pipeline of HUI facilities.
The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities.
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