Powerhouse Enrgy Grp Exclusivity agreement signed with HUI
31 August 2021 - 4:00PM
UK Regulatory
TIDMPHE
31st August 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Powerhouse signs binding exclusivity agreement to deploy technology in Poland,
Greece and Hungary
Powerhouse Energy Group plc (AIM: PHE), the UK technology company
commercialising hydrogen production from waste plastic, is pleased to announce
that it is has entered into a binding agreement (the "PGH Exclusivity
Agreement") with Hydrogen Utopia International PLC ("HUI") under which HUI has
been granted an exclusive non-transferable licence for the application of
Powerhouse's DMG® technology in Poland, Greece and Hungary. HUI's corporate
mission is to create a project pipeline for Powerhouse's DMG® technology in
these regions through seeking funding from and partnering with states, regional
authorities and the private sector in targeted regions to facilitate the
deployment of DMG® technology.
The PGH Exclusivity Agreement follows the agreement of non-legally binding
heads of terms with HUI for Poland announced on 12 November 2020 and Greece and
Hungary announced on 10 May 2021 and the payment by HUI to Powerhouse of
deposits totalling ?125,000. Under the PGH Exclusivity Agreement, HUI will pay
Powerhouse a further ?325,000 by the end of 2021, when the formal intellectual
property licence for the DMG® technology is anticipated to have been granted to
HUI, with a further ?300,000 to be paid 12 months later. A royalty fee will be
agreed as part of the expected licence agreement.
In addition, Powerhouse will continue to receive a licence fee for any DMG®
plant which becomes operational in any location in the world. Consequently, the
Company's worldwide rights to ongoing licensing fees for the DMG® technology
are unaffected by the PGH Exclusivity Agreement.
James Greenstreet, Non-Executive Chairman of Powerhouse Energy Group, said:
"Powerhouse is pleased to sign this binding exclusivity agreement with HUI
which is a champion of our technology, seeking to drive its rollout across
Poland, Greece and Hungary. This builds on our announcement of 12 November 2020
and is part of our long-term vision for DMG® technology to be deployed
internationally, helping the world transition to clean energy whilst providing
a solution to end-of-life plastic".
Aleksandra Binkowska, CEO of HUI, said:
"We are delighted to have formalised HUI's exclusivity arrangements for DMG®
with Powerhouse for Poland, Greece and Hungary. HUI will use its local networks
and relationships in the countries licensed to it to help to look to secure
project approvals, finance and technical expertise to facilitate the deployment
of DMG® technology. This will bring us closer towards our mission to accelerate
the development of a circular and net zero carbon economy in Europe."
More information about HUI's plans for the rollout of the technology in Poland,
Greece and Hungary and the partners with whom it will be working with will be
published in due course.
-ENDS-
For more information, contact:
Powerhouse Energy Group plc Tel: +44 (0) 203 368
6399
James Greenstreet, Non-Executive
Chairman
WH Ireland Limited (Nominated Adviser) Tel: +44 (0) 207 220
1666
James Joyce/ Lydia Zychowska
Turner Pope Investments (TPI) Ltd Tel: +44 (0) 203 657
(Joint Broker) 0050
Andrew Thacker / James Pope
SisterSmith PR (media enquiries)
Becca Smith Mob: +44 (0) 7766522305
Notes to 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.co.uk
About Hydrogen Utopia
Hydrogen Utopia International PLC was founded in 2020 by Aleksandra Binkowska
and has subsequently received financial backing from a number of high net worth
investors. HUI will initially focus its proposed rollout of DMG® technology on
areas where substantial EU and/or government funded sources of grants and loans
are available, such as the EU's "Just Transition Fund" which was set up to help
fossil fuel dependent communities such as Konin in Poland transition towards
climate neutrality, or where substantial private sector backing is accessible.
For more information see www.hydrogenutopia.eu/
END
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