Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. PowerHouse Energy Group Plc
  6. News
  7. Summary
    PHE   GB00B4WQVY43

POWERHOUSE ENERGY GROUP PLC

(PHE)
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

POWERHOUSE ENERGY GROUP PLC - Project update

11/01/2021 | 02:01am EST

Powerhouse Energy Group plc

("Powerhouse" or the "Company")

1 November 2021

Project Update

Powerhouse Energy Group plc, the UK technology company commercialising hydrogen production from non-recyclable plastic waste, is pleased to provide an update on its progress in the UK.

The Company’s priority remains to ensure the first hydrogen facility using its DMG technology, based at its UK partner Peel NRE’s Protos site, becomes fully operational during 2023.

Protos Plastics to Hydrogen No. 1 Limited, the special purpose vehicle (“SPV”) has been established by the Company’s partner, Peel NRE, to develop the plant and to own rights to the first project at the Protos site. The SPV has been making progress on contracting arrangements necessary to reach construction start with support from the Company and Peel NRE with significant works carried out on aspects of the site including the access road and with further enabling works ongoing. Peel NRE submitted a planning application for a complimentary Plastic Park at Protos in October this year which provides for further materials recovery and plastics sorting, together with recycling activities.

Peel NRE has also submitted a planning application for a second facility at Rothesay Dock on the north bank of the River Clyde, West Dunbartonshire.

In light of this progress and the continued commitment from both parties to work collaboratively towards the delivery of a pipeline of DMG facilities in the UK, the Company and Peel NRE have agreed extensions to the date of termination rights within the Collaboration Agreement (to 31 August 2022) and to Peel NRE’s Exclusivity Option End date (to 31 August 2022). This reflects the confidence the parties have in completing Protos and in their ongoing collaborative arrangements.

The Company has also agreed to extend the availability period for the Loan facility provided to the SPV, announced on 12 May 2021, until 28 February 2022. 

-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 / Megan Liddell
Turner Pope Investments (TPI) Ltd (Joint Broker) Tel: +44 (0) 203 657 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 or 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


ę PRNewswire 2021
All news about POWERHOUSE ENERGY GROUP PLC
01/18POWERHOUSE ENERGY GROUP PLC - Announcement regarding development partner, HUI
PR
01/18POWERHOUSE ENERGY GROUP PLC - Directorate Change
PR
01/18PowerHouse Energy Group Plc Appoints Gill Weeks OBE as Non-Executive Director
CI
2021POWERHOUSE ENERGY GROUP PLC - Issue of Equity
PR
2021POWERHOUSE ENERGY GROUP PLC - Development partner signs letter of intent
PR
2021POWERHOUSE ENERGY GROUP PLC - Development partner update
PR
2021POWERHOUSE ENERGY GROUP PLC - Project update
PR
2021Powerhouse Energy Group plc Provides Project Update
CI
2021POWERHOUSE ENERGY GROUP PLC : - Directorate Change
PR
2021Kirsty Gogan to Step Down as Non-Executive Director of Powerhouse Energy Group plc
CI
More news