TIDMPHE
RNS Number : 5758T
Powerhouse Energy Group PLC
21 March 2023
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21(st) March 2023
Powerhouse Energy Group Plc
(the "Company" or "PHE")
Heads of Terms for a 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, is pleased to announce that it has 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"). Under
the HoTs, PHE and HUI have agreed to use a joint venture vehicle,
incorporated in Ireland, with equal shareholding by each party and
development costs being contributed to on a 50:50 basis.
PHE has agreed to pay HUI a non-returnable payment of up to
GBP400,000 in cash in recognition of HUI's contribution to
identifying the Longford Project, securing the option to lease and
progressing the project. This cash payment comprises an initial
payment of GBP100,000 on signing the HoTs and a further payment of
GBP100,000 upon finalisation of the project documentation between
HUI and PHE - principally comprising a development agreement and a
shareholder agreement. PHE has agreed to make a further payment of
GBP200,000 in cash to HUI once planning permission has been granted
for the Longford Project on the Longford Site.
The Longford Project will be located at Fisherstown Energy Park,
which has its own electrical grid connection, an electrical
substation and the potential to utilise existing wastewater
treatment facilities on site. The site has good road access and is
within easy reach of the M4 and M6 motorways, which provide access
to Dublin and Galway. HUI ' s wholly owned Irish subsidiary has
secured an option to acquire a 25 year lease on an area within
Fishertown Energy Park. The option period is three years during
which the parties will seek to obtain planning and other
permissions required to construct and operate the facility.
There also exists, given that Longford is located in the
Midlands of Ireland, an opportunity for grant funding through the
EU Just Transition Fund. In November 2022, the Irish Government
approved its Territorial Just Transition Plan and Programme for the
period up to 2027, which was adopted by the European Commission on
15 December 2022. This allocated up to EUR84.5 million of funding,
providing for EUR169 million of investment within the region.
The Longford Project will supersede pre-existing arrangements
between HUI and PHE with respect to an exclusivity agreement
between PHE and HUI's UK operating subsidiary, a related
collaboration agreement, and the existing heads of terms regarding
a proposed project in Tipperary that will no longer proceed. The
parties have agreed that the latter agreements will be mutually
terminated without any further obligation on either party. The
parties will continue to work together on the proposed joint
development of a waste plastic to hydrogen facility at a site in
Konin, Greater Poland, as announced on 23 August 2022.
Tony Garner-Hillman, Non-Executive Chairman of PHE
commented:
"The Republic of Ireland remains an important geography for
Powerhouse Energy. The Irish economy was reported as growing by
12.2% in 2022, making it one of the fastest growing economies in
Europe whilst inflation also appears to have peaked earlier than in
many other economies. All of this bodes well as it points to the
Republic of Ireland being an excellent place to do business and
this project provides us with an excellent opportunity to build a
presence in this jurisdiction. We look forward to working with HUI
and developing this exciting opportunity."
Keith Riley, Acting Chief Executive Officer of PHE,
commented:
"This joint venture aligns the interests of both HUI and PHE to
make this project a success. It is also in line with the Company's
growth strategy, with PHE having a seat at the table in the project
decision making. We look forward to providing updates on the
project as it progresses."
For more information, contact:
Powerhouse Energy Group plc powerhouse@tavistock.co.uk
Keith Riley
WH Ireland Limited (Nominated Adviser)
James Joyce
James Bavister
Enzo Aliaj +44 (0) 207 220 1666
Turner Pope Investments (TPI) Ltd
(Joint Broker)
Andrew Thacker
James Pope +44 (0) 203 657 0050
Tavistock (Financial PR) powerhouse@tavistock.co.uk
Simon Hudson
Nick Elwes
Heather Armstrong
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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END
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