TIDMPHE
RNS Number : 9664X
Powerhouse Energy Group PLC
02 May 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
2 May 2023
Powerhouse Energy Group Plc
(the "Company" or "PHE")
Acquisition by PHE of the entire shareholding of Protos Plastics
to Hydrogen No 1 Ltd
Powerhouse Energy Group Plc (AIM: PHE), a company pioneering
integrated technology that converts non-recyclable waste into low
carbon energy, is pleased to announce that it has assumed full
ownership and control of the Protos plastics to hydrogen project at
the Protos site near Chester in the UK (the "Site").
This has been brought about by PHE completing the acquisition of
the entire shareholding in Protos Plastics to Hydrogen No 1 Ltd
from Peel NRE Ltd ("Peel") for a nominal payment of GBP1. Protos
Plastics to Hydrogen No 1 Ltd is the Special Purpose Vehicle
("SPV") established for the development of the plastics to hydrogen
project at the Site utilising PHE's technology.
The acquisition brings to an end previous discussion regarding
PHE taking a 50% shareholding in the SPV.
PHE has agreed a variation of the IP Licence Agreement signed on
30 June 2021 with Peel. The variation confines the beneficiary of
the licence to the SPV. The Peel option to extend its exclusivity
in respect of its deployment of PHE's technology will
terminate.
The Loan Facility Agreement between PHE and the SPV will be
extended for one year and as a result of the acquisition will now
be an intragroup arrangement.
The Option Agreement (the "Option") between Peel and the SPV
enabling the SPV to lease the Site will remain in place and will be
amended to limit any annual rent reviews to between 2% and 5%, such
reviews in the previous version of the lease being uncapped. The
Option has also been extended to 28 March 2024, with the ability to
extend for a further year on payment of an extension fee of
GBP150,000. A fee of GBP400,000 for provision of the gas easement
and GBP532,000 for the power export facility will be payable by PHE
to Peel on entering into the lease.
The Subscription and Warrant Agreement dated 9 September 2020
made between (1) Peel Holdings (IOM) Limited ("Peel") and (2)
Powerhouse Energy Group Plc expired on 29 April 2023.
Up until its financial reporting year ended 31 March 2022 the
SPV was dormant. Financial results for 2022/23 will be reported in
due course.
Keith Riley, Acting Chief Executive Officer of PHE,
commented:
"Having spent some time considering the best option for the
Protos project, we have agreed with Peel that PHE will assume full
control of the project and its further development. In this respect
we have already started working with Petrofac and are reviewing the
engineering of the project with the view to optimising costs and
performance. The next step will be to seek commercial agreements
for the offtakes, whether this be electricity, heat, hydrogen or
other products, prior to seeking to raise finance for the
construction.
"This is a significant and exciting development for PHE as the
Company will now be solely responsible for the development of the
project at Protos. We wish to thank the Peel team for their work to
date putting the planning permission and basic infrastructure in
place and look forward to continuing our excellent working
relationship with them as landlord of the site.
"We look forward to providing further updates on Protos in due
course."
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
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEAPLNASLDEEA
(END) Dow Jones Newswires
May 02, 2023 02:00 ET (06:00 GMT)
PowerHouse Energy (AQSE:PHE.GB)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
PowerHouse Energy (AQSE:PHE.GB)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
