Powerhouse Enrgy Grp Agreement with Project Development Consultant

 
TIDMPHE 
 
PowerHouse Energy Group plc 
 
                        ("PowerHouse" or the "Company") 
 
           Cooperation Agreement with Project Development Consultant 
 
PowerHouse is pleased to announce that it has entered into a Cooperation 
Agreement ('the Agreement') to appoint Waste2tricity plc (Waste2Tricity) as its 
Project Development Consultant on an initial 24 month contract. The purpose is 
to cooperate in the development of multiple waste to energy (WTE) plants in the 
UK using the PHE G3-UHT gasification technology ("G3"), subject to both parties 
meeting specific performance criteria. The contract may be extended if 
development milestones are met and is subject to cancellation with a 90 day 
notice period. 
 
The terms of the contract are such that Waste2tricity will initially be 
compensated in PowerHouse shares for its fees of GBP20,000 per month to be issued 
on a monthly basis. 51 per cent. of the shares will be restricted until a final 
investment decision on a commercial project is reached. Subsequent to 
successful project development, and after each party recovers its 
project-related costs (including PoweHouse recovering the expense of the shares 
issued,) the profits of the project will be shared 50/50. In the event it 
becomes necessary, each party will provide the other with specialized, 
externally sourced, personnel at cost + 5 per cent.; such cost to be recovered 
from the project related costs as defined above. 
 
Waste2tricity has a history of initiating projects both in the UK and in 
Thailand and PowerHouse had previously signed an exclusive distribution 
agreement for Thailand with Waste2Tricity, Thailand, a subsidiary of 
Waste2Tricity. 
 
Waste2Tricity's staff and Board consist of well-respected members of the WTE 
and Project Engineering communities; Waste2tricity's significant shareholders 
includes AFC Energy PLC. PowerHouse has previously announced the intended 
acquisition of an AFC Energy fuel cell (04/04/2014) for demonstration with 
PowerHouse derived Hydrogen. 
 
The Company believes that PowerHouse and Waste2tricity will be able to identify 
and secure a suitably accessible, and highly visible, demonstration site for G3 
in advance of its arrival in the UK. The Agreement seeks to successfully 
demonstrate the use of G3 in a commercial installation as well as to explore 
the potential for the integration of AFC Fuel Cell technology, to which 
Waste2Tricity has an exclusive WTE related licence in the UK, with G3 for ultra 
efficient generation of electricity. 
 
Subject to successful commercialisation, each of PowerHouse and Waste2Tricity 
will have a right of first refusal for WTE projects using each other's 
technology for projects up to 1,000 tonnes of waste per day. The continuation 
of the right of first refusal is subject to a to be agreed minimum number of 
installations over each 24 month period. 
 
Keith Allaun, Executive Chairman of PowerHouse said: "We are delighted to have 
developed this relationship with Waste2Tricity over the past several years. 
With their involvement we now have 'boots on the ground' in the UK. They are 
extremely well-connected, knowledgeable about the industry, and we're eager to 
work with their experienced and talented staff. We are confident that together 
we will be able to deliver successful projects far more rapidly than working 
independently." 
 
John Hall, Managing Director of Waste2tricity said: "This is a great 
opportunity for Waste2Tricity to get involved at the early stage of 
commercialisation of a product that we believe will have an enormous impact on 
the distributed waste conversion market, distributed power market, and in the 
future, the distributed hydrogen market. In addition to working on deploying 
the systems we will also be working with PowerHouse to endeavour to find ways 
to reduce the manufacturing costs especially with our existing relationships in 
Thailand." 
 
The Company will keep the market apprised of any future developments relating 
to the agreement between PowerHouse and Waste2Tricity. 
 
For more information, contact: 
 
PowerHouse Energy Group plc                          Tel: [phone] 
Keith Allaun, Executive Chairman 
 
WH Ireland Limited (Nominated Adviser)               Tel: [phone] 
James Joyce / James Bavister 
 
Vicarage Capital Limited (Broker)                    Tel: [phone] 
Jeremy Woodgate 
 
IFC Advisory (Financial PR & IR)                     Tel: [phone] 
Tim Metcalfe / Graham Herring / Heather Armstrong / 
Miles Nolan 
 
 
About PowerHouse 
 
PowerHouse is the holding company of the G3-UHt System Ultra High Gasification 
waste to energy systems. 
 
The Company is focussed on technologies to enable energy recovery from 
municipal waste streams that would otherwise be directed to landfills and 
incinerators; or from renewable and alternative fuels such as biomass, tyres, 
and plastics to create syngas for power generation, high-quality hydrogen, or 
potentially reformed into liquid fuels for transportation. These waste to 
energy systems aim to provide the "best solution" to the on-site energy market. 
 
PowerHouse is quoted on the London Stock Exchange's AIM Market. The Company is 
incorporated in the United Kingdom. 
 
For more information see www.powerhouseenenergy.net 
 
 
 
END 
 

(END) Dow Jones Newswires

January 18, 2017 02:00 ET (07:00 GMT)