12th November 2020
Powerhouse Energy
Group plc
("Powerhouse" or
the "Company")
Heads of Terms
agreed for licence of DMG technology in Poland
Powerhouse Energy Group plc (AIM:
PHE), the UK technology company commercialising hydrogen production
from waste plastic, is pleased to announce that yesterday
(11.11.2020) it 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 Poland.
The use of this technology, which is
designed to convert waste plastic into a syngas and/or hydrogen,
will be subject to a formal agreement being reached between
Powerhouse and HUI.
Tim
Yeo, Chairman of Powerhouse Energy Group, said:
“We are delighted to have signed
Heads of Terms with HUI. Powerhouse look forward to working
with HUI on the potential use of our DMG technology being rolled
out in Poland.”
Aleksandra
Binkowska, Founder of HUI, said:
“It is a privilege and honour for
HUI to enter into heads of terms in relation to rights to the
technology of Powerhouse as the first company on the Continent. At
HUI we believe that the DMG System is the one that will help save
the world from unrecyclable plastic and we are thrilled that
Poland will lead the way in
creating low cost hydrogen and we hope that other countries will
take our lead. On behalf of HUI I would like to thank the Board of
Powerhouse for this opportunity and partnership.”
Following this signing HUI paid
Powerhouse a non-refundable deposit of €100,000.
More information about HUI's plans
for the rollout of the technology in Poland and the partners with whom it will be
working in Poland will be
published in due course.
-ENDS-
For more information, contact:
Powerhouse Energy
Group plc |
Tel: +44 (0) 203 368
6399 |
David Ryan, Chief
Executive Officer |
|
WH Ireland Limited
(Nominated Adviser) |
Tel: +44 (0) 207 220
1666 |
James Joyce/Lydia
Zychowska |
|
Turner Pope
Investments Ltd (Joint Broker) |
Tel: +44 (0) 203 657
0050 |
Andrew Thacker/Zoe
Alexander |
|
Ikon Associates
(Media enquiries) |
Tel: +44 (0) 1483
271291 |
Adrian Shaw |
Mob: +44 (0) 7979
900733 |
SistersmithPR (Media enquiries)
Becca
Smith
Mob: +447766522305
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.net
About Hydrogen Utopia
International
Hydrogen Utopia International was founded in 2020 by
Aleksandra Binkowska with the aim to
turn Poland and the EU to net
positive through using unrecyclable plastic and transforming it
into low cost hydrogen and electricity. 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.
https://www.hydrogenutopia.eu/