Exclusivity agreement - technology in Greece an...
10th May 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Powerhouse exclusivity agreement to deploy technology in 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 has agreed to enter into non-binding Heads of Terms with Hydrogen Utopia International (“HUI”) with a view to granting an exclusive non-transferable licence for the application of its DMG® technology in Greece and Hungary. Under the heads of terms HUI will pay Powerhouse €250,000, of which €25,000 is payable immediately with the balance becoming payable when the conditions of the heads of terms are satisfied. Powerhouse will continue to receive a licence fee for any DMG® plant which becomes operational in any location so the Company’s worldwide rights to the technology are not affected by these heads of terms.
The use of this technology, which is designed to convert waste plastic into a syngas and/or hydrogen, is subject to a formal agreement being reached between Powerhouse and HUI.
Tim Yeo, Executive Chairman of Powerhouse Energy Group, said:
“Powerhouse is pleased to extend the countries in which it is intended HUI will help deploy its DMG® technology to include Greece and Hungary having already entered a MOU in relation to Poland. This is part of our long-term vision for rolling out sustainable hydrogen technology internationally. We believe this will accelerate the clean energy transition in both Hungary and Greece and provide those countries with a solution to end-of-life plastic”.
Aleksandra Binkowska, CEO of HUI, said:
"I am delighted that the alliance between Powerhouse and HUI has become stronger. Since our first MOU in November our mutual work has been very successful. Now with potentially three territories under our umbrella, I believe that this will help speed up the DMG® system rollout. The Polish Centre of Hydrogen is still our main target, but we are more than pleased to have new opportunities in new markets to target for the proposed expansion of DMG® to the mutual benefit of Powerhouse and HUI".
More information about HUI's plans for the rollout of the technology in Greece and Hungary and the partners with whom it will be working with will be published in due course.
-ENDS-
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 (TPI) Ltd (Joint Broker) | Tel: +44 (0) 203 657 0050 |
| Andrew Thacker | |
|
SisterSmith PR (media enquiries)
Becca Smith |
Mob: +44 (0) 7766522305 |
Notes for 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 International
Hydrogen Utopia International was founded in 2020 by Aleksandra Binkowska. The UK based technology company is actively working with the EU to gain funding and subsidies for the first waste to energy DMG plant in Konin, Poland.
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