Powerhouse Enrgy Grp Development partner update

 
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: [phone] 
                                        6399 
 
James Greenstreet, Non-Executive 
Chairman 
 
WH Ireland Limited (Nominated Adviser)  Tel: [phone] 
                                        1666 
 
James Joyce 
 
Turner Pope Investments  (TPI) Ltd      Tel: [phone] 
(Joint Broker)                          0050 
 
Andrew Thacker / James Pope 
 
SisterSmith PR (media enquiries) 
Becca Smith                             Mob: [phone] 
 
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 
 
 

(END) Dow Jones Newswires

September 14, 2021 02:00 ET (06:00 GMT)