Powerhouse Enrgy Grp Development partner update
14 September 2021 - 4:00PM
UK Regulatory
TIDMPHE
14 September 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Development Partner Update
Powerhouse Energy Group plc (AIM: PHE), the UK technology company
commercialising hydrogen production from waste plastic, announces that its
partner, Hydrogen Utopia International (HUI), that has exclusivity rights over
the Company's DMG technology in Poland, Greece and Hungary has closed a
fundraise on 9 September 2021 of £2.2 million.
HUI intends to use the funds raised to purchase long lead items to build a
basic syngas model for the first proposed operating plant in Konin, Poland
which would use Powerhouse DMG® technology as a proof of concept. The proposed
plant remains subject to permitting, approvals and raising the necessary
finance
James Greenstreet, Powerhouse's Non-Executive Chair, said: "We congratulate HUI
for their successful fundraise and progress in moving forward the
commercialisation of DMG® in Europe. We look forward to our technology
accelerating Poland's clean energy transition".
-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
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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