Deferral of Commitment to JV with HUI
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30 October 2023
Powerhouse Energy Group Plc
(the "Company" or "PHE")
Deferral of Commitment to Joint Venture with Hydrogen Utopia International Plc
for a non-recyclable Waste Plastic to Hydrogen facility in the Republic of Ireland
Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology which converts non-recyclable waste into low carbon energy, makes reference to its announcement of 21 March 2023. The announcement advised that the Company had agreed Heads of Terms ("HoTs") with Hydrogen Utopia International Plc (LON: HUI) ("HUI") for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at Longford, County Longford in the Republic of Ireland (the "Longford Project").
The Company has decided to defer further progress towards committing to the Longford Project while it takes stock of the final position in its negotiations with HUI. The Company has a number of potential projects in its pipeline and needs to prioritise amongst them and assess the impact each of those will have on the Company's existing cash resources. Consequently, the Board has decided the capital contributions currently proposed to be made by PHE for the Longford Project are not in the Company's best interests.
Tony Garner-Hillman, Non-Executive Chairman of PHE commented:
"We have had to take a difficult decision in the interests of the long-term position as we continue to build a robust company. Our ongoing review of the Longford Project since the Heads of Terms were signed in March, along with developments in other areas of our business, have all had to be taken into account. This has taken us to the inescapable conclusion that, through today's eyes, the best interests of PHE dictate that now is not the right time to commit to the Longford Project and to making significant capital contributions. We remain hopeful that position will change."
For more information, contact:
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Powerhouse Energy Group plc Antony Gardner-Hillman, Non-Executive Chairman
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07733 146326 |
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WH Ireland Limited (Nominated Adviser) James Joyce James Bavister
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+44 (0) 207 220 1666 |
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Tavistock (Financial PR) Simon Hudson Nick Elwes Heather Armstrong |
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About Powerhouse Energy Group plc
Powerhouse Energy has developed a process technology which can utilise waste plastic, end-of-life-tyres, and other waste streams to convert them efficiently and economically into syngas from which valuable products such as chemical precursors, hydrogen, electricity, heat and other industrial products may be derived.
Powerhouse Energy's process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
Powerhouse Energy is quoted on the London Stock Exchange's AIM Market under the ticker: PHE and is incorporated in England and Wales.
For more information see www.powerhouseenergy.co.uk
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