exclusive vendor agreement for Thailand
7 May 2014
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
PowerHouse signs exclusive vendor agreement for Thailand
* PowerHouse signs exclusive vendor agreement with Waste2Tricity (International) Thailand Limited (W2T)
* PowerHouse takes first steps to open large ASEAN market to Pyromex technology
* W2T granted an exclusive option for manufacturing and distribution rights for Pyromex systems in Thailand dependent on a minimum 10 orders in first four years
* First project has been identified and negotiations are under way for delivery of 25TPD system this calendar year
* Thailand represents significant early revenue opportunities for both companies
PowerHouse announces that it has signed an agreement to grant W2T an exclusive one year vendor licence to sell the Pyromex technology in Thailand, with performance options to extend the agreement.
W2T has previously announced two definitive contracts to develop 300,000 tonnes per annum facilities in Thailand and is in negotiations to deliver three additional large-scale projects. W2T has advised PowerHouse that it believes that the Pyromex Ultra High Temperature Gasification technology could be complementary to its other technologies.
Based on the success achieved in the first year of the agreement, PowerHouse has also agreed to grant an exclusive five year manufacturing licence to W2T to manufacture the Pyromex Ultra High Temperature gasification unit in Thailand for sale in Thailand on terms to be negotiated. This licence will run from the expiry of the vendor licence. It is proposed that such licence would have a minimum order level of two units per year and an aggregate of 10 units in the first three years of the second exclusivity period and if W2T fails to meet these levels, PowerHouse will be entitled to terminate the agreement with effect from the end of the second exclusivity period.
"We continue to evaluate the Pyromex technology which has the potential to be a perfect solution for small to medium scale Waste to Energy challenges facing Thailand. The Pyromex 25 tonne-per-day system, generating 1 MW of electricity, could be deployed in dozens of locations, taking advantage of local/distributed electrical generation, and benefiting the people and economy of Thailand. The potential economic advantages of the Pyromex solution are obvious and we are excited to be taking steps to be their exclusive partner in this area of Asia. With our exclusive license for the AFC Fuel Cell technology, we believe that this will be the most affordable modular system available on the market for the delivery of clean Waste-to-Energy projects, the optioned system will enable us to work with our Thai partners to finalise that evaluation under local conditions" said John Hall, MD of W2T.
Keith Allaun, Executive Chairman of PowerHouse Group, plc said, "With W2T as our partner in Thailand, we can begin an aggressive campaign to market our products into the ASEAN market. W2T is a well-known project developer in Thailand and brings a wealth of local experience and expertise. This allows us to accelerate our intended growth in an area with significant demand for renewable power."
"Along with our previously announced intention to open an office in Singapore, this partnership with a leading provider of large scale Waste-to-Energy technology and projects should demonstrate our commitment to success in the region," Allaun stated.
"We envision integrating the Pyromex technology with the AFC Fuel Cell in the future and delivering multiple, distributed, systems throughout the country" said Mr. Hall.
The Pyromex system can generate significant amounts of pure hydrogen, as has been demonstrated during the commissioning of Pyromex's 5TPD unit in Switzerland. This hydrogen, produced inexpensively from waste feedstock perfectly complements the AFC Fuel Cell technology.
For additional information please contact:
PowerHouse Energy Group plc
Keith Allaun - Executive Chairman
Phone: +44 (0)20 7079 4407
Email: inquire@powerhousegroup.co.uk
About PowerHouse Energy Group plc
PowerHouse Energy Group plc is an alternative energy company specialising in the sale of waste to energy systems. PowerHouse's key advantages centre on its implementation of proprietary technology and a wealth of industry knowledge. The Company's technologies enable energy recovery from municipal waste streams that would otherwise be directed to landfills and incinerators; or from renewable and alternative fuels such as biomass, lignite (brown coal), tires, and plastics to create syngas for power generation or reformed into liquid fuels for transportation. For more information, visit our website at www.powerhouseenergy.net.
Waste2Tricity Ltd
Waste2tricity is a structured solutions provider for the waste to energy sector and through its exclusive UK & Thai EfW Licences and rights of first refusal to AFC Technology will act as a platform developer for projects involving fuel cells using waste as a feedstock. Its shareholders include Ervington Investments (UBO Roman Abramovich), Age of Reason Foundation and Eturab, all of whom are substantial shareholders in AFC Energy and/or Alter NRG Westinghouse and represent approx. 30% of each company. For more information, visit Waste2Tricity at www.waste2tricity.com
This information is provided by RNS
Latest directors dealings
- 22 hours ago Savannah Energy
- 23 hours ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund