PowerHouse Energy
Group plc
("PowerHouse
Energy" or the "Company")
17 April
2019
First Revenue
Contract for PowerHouse Energy
PowerHouse Energy Group plc (AIM: PHE), the UK technology
company pioneering hydrogen and clean energy production from waste
plastic, is pleased to announce that it has signed a binding
contract with its exclusive partner, Waste2Tricity Limited (“W2T”),
for PHE to provide planning and engineering design services that
will, subject to successful outcome, lead to a build contract and
license for use of the DMG® Technology at the Protos site.
The agreement defines the paid scope of works during two stages of
planning and engineering. At signature, based on quotations from
potential Contractors PHE provisionally anticipates that total
revenue from the two stages of the contract will amount to
approximately £400,000 to cover PHE and Contractors costs.
The engineering design services to be provided by PHE for stage
one includes specific feedstock analysis and testing including some
third party services, site modelling and specific engineering
related to the Protos site. This work will define the
parameters for the second stage of the project, the Front End
Engineering Design (FEED) contract which it is anticipated will be
placed with an Engineering, Procurement & Construction (EPC)
contractor, following an agreed review.
The agreement also incorporates Heads of Terms in relation to
PHE acting as operational process engineering supplier for the DMG®
Technology at the Protos site, encompassing design rights, build
contracts and licensing proposition of its technology.
This contract comprises another step towards achieving Financial
Close for the first commercial site utilising PHE’s DMG
Technology.
David Ryan, CEO of PowerHouse
Energy, commented:
“This is the first revenue generating
contract signed by PHE and follows the typical revenue regime we
will be following for future developments, recognising that more
substantial revenues will arise from IP, Design Rights, and
licensing and operational engineering in due course. This
agreement demonstrates that W2T expects that a special purpose
vehicle formed by it intends to place a formal order for DMG® when
the Pre-FEED and FEED work is complete. We thank W2T for their
commitment and long standing support.”
John Hall, Chairman of
Waste2Tricity (Protos) Limited commented:
“This agreement formalises our
commitment to implement DMG® Technology on the Protos site. We are
working closely in partnership with Peel Environmental, the overall
Protos Energy Hub site owners, to finalise all the design
parameters with PHE to take the development to the FEED stage and
through to fabrication and construction as soon as practical.”
David Ryan, CEO of PowerHouse
Energy, further commented:
“We have delivered this agreement in
line with our expectations this quarter and we are thankful to our
shareholders who have supported us over the years to develop this
ground breaking technology to this point of commercialisation and
revenues.
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 / Chris Viggor
Turner Pope Investments Ltd (Joint
Broker) Tel:
+44 (0) 203 621 4120
Ben Turner / James Pope
Ikon Associates (Media
enquiries)
Tel: +44 (0) 1483 271291
Adrian
Shaw
Mob: +44 (0) 7979 900733
Notes for editors:
About PowerHouse Energy and DMG
technology
PowerHouse Energy 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. The PowerHouse technology is one of the world’s first
proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate in excess of 1 tonne of
road-fuel quality H2, and more than 28MW/h of exportable
electricity per day.
The PowerHouse process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level.
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 Waste2Tricity (Protos)
Limited
Waste2Tricity (Protos) Limited (W2TP) is the SPV (Special
Purpose Vehicle) for the implementation of energy-from-waste
facilities at the Protos site and has been set up by W2T the
development partners of PHE.
Waste2Tricity is a structured solutions provider to the
energy-from-waste (EfW) sector, an industry supplying increasing
amounts of electricity using feedstock diverted from landfill.
Waste2Tricity works with clients and partners to develop, fund
and support EfW deployment projects that use proven technology, are
profitable and progressive; projects that currently use high
temperature gasification and either steam cycle or internal
combustion engines/gas turbines (ICEs/GTs) to efficiently convert
waste to energy.
For more information see www.waste2tricity.com
About Peel Environmental and
Protos
Peel Environmental, part of Peel Land and Property (Peel
L&P), owns and develops waste infrastructure projects. It has
achieved consent for a range of energy infrastructure schemes
including a 35MW Energy from Waste plant at Protos in Cheshire, 21MW Energy from Waste plant and
250,000tpa AD and MRF in Glasgow;
and a 20MW Energy Centre at Houghton Main, Barnsley. Peel works with investors, waste
management companies, technology providers and contractors to
secure a deliverable business model for each project.
Peel Environmental brought forward and consented the Protos
development, previously known as Ince Resource Recovery Park.
Protos is the destination of choice for energy, innovation and
industry. Boasting unrivalled connections to some of the region’s
biggest industrial forces, Protos is a strategic energy hub at the
core of the Northern Powerhouse.
The 54ha (134 acres) development site has full outline planning
consent and part detailed planning consent for general
manufacturing and distribution uses (B1, B2 & B8), as well as a
biomass facility and an Energy from Waste facility. Set on the
south bank of the Manchester Ship Canal in the North West of
England, the site is ideally
placed to become an industrial micro-climate, with enviable
transport links providing access to UK and International markets
and surrounding industrial heartland.
For more information about Protos visit:
www.thisisprotos.com