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Share Name Share Symbol Market Type Share ISIN Share Description
Powerhouse Energy Group Plc LSE:PHE London Ordinary Share GB00B4WQVY43 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.315 -7.18% 4.075 4.00 4.20 4.50 4.10 4.50 7,007,558 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 0.1 -16.0 -0.6 - 160

Powerhouse Enrgy Grp Loan Facility to Protos Project SPV

12/05/2021 7:00am

UK Regulatory (RNS & others)


 
TIDMPHE 
 
Powerhouse Energy Group plc 
 
                        ("Powerhouse" or the "Company") 
 
12th May 2021 
 
                      Loan Facility to Protos Project SPV 
 
Powerhouse Energy Group plc (AIM: PHE), the sustainable hydrogen company 
pioneering hydrogen production from waste plastic, is pleased to announce that 
the Company has agreed to enter into a loan agreement to provide up to £3.8 
million to Protos Plastics to Hydrogen No. 1 Limited, the Peel NRE Special 
Purpose Vehicle (the "SPV"). The loan is to progress the development of the 
Protos plant, the first proposed commercial application of Powerhouse's DMG 
waste plastic to hydrogen technology, which it is expected will be licensed to 
the Peel NRE SPV. Peel NRE is a group company of the Peel Group. 
 
Under the agreement Powerhouse has agreed to provide a loan facility of up to £ 
3.8 million. This facility is for the specific purpose of securing long lead 
time items and project design services in respect of the Protos project, prior 
to securing long-term debt funding arrangements to be facilitated via Peel NRE. 
The facility is available for 6 months and drawdown will be in agreement with 
the budgeted Protos development cash flow. It will be repaid following the 
final investment decision or on the second anniversary of the loan, whichever 
is earlier. The loan is set at Bank of England base rate plus 2% per annum and 
will accrue daily. Any drawn down amount is to be secured on all of the issued 
share capital of the SPV, its land lease, the design and any procured assets. 
 
The loan follows the sanctioning of the project by the Powerhouse Board. It 
will supplement the existing Peel NRE project investment which is to be 
transferred into the SPV. The project will use the proceeds of the loan to 
commit to procurement of the long lead items including the Thermal Conversion 
Chamber, the syngas process module, the compression and power generation 
modules. The procurement packages have followed the Peel commercial review of 
the facility and the design has been refined to optimise the supply, mix and 
use of waste material feedstocks for the site in addition to the provision of 
options for hydrogen export. 
 
Completion of the Protos plant remains the Company's top priority. The Board 
believes the provision of this loan will protect the project development 
schedule and facilitate the finalisation of the SPV agreements. 
 
Tim Yeo, Executive Chairman, said: 
 
"Powerhouse is now putting its money where its mouth is. The joint Peel NRE/ 
Powerhouse technical delivery team have done a fantastic job in aligning the 
chosen suppliers to meet the specification for DMG. 
 
"We are confident that this loan facility has the great benefit of protecting 
the delivery schedule for Protos. The plant is modular and the majority of our 
project fabrication activities are covered in these contracts." 
 
Myles Kitcher, Non-Executive Director of Powerhouse and director of Peel NRE, 
said: 
 
"I would like to congratulate the team in aligning the design to meet our 
operational needs. The commitment made by Powerhouse supports the Peel NRE 
expenditure and will cover the project planned budget commitments with 
protections until all financial agreements are in place. Significant progress 
has been made across all aspects of the project since the beginning of the 
year, including site preparation, and we anticipate full construction to 
commence over the coming months." 
 
                                    -ENDS- 
 
For more information, contact: 
 
Powerhouse Energy Group plc             Tel: +44 (0) 203 368 
                                        6399 
 
Tim Yeo, 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 for editors: 
 
About Powerhouse Energy Group plc 
 
Powerhouse, the sustainable hydrogen company, 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 GBP500,000 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.net 
 
 
 
END 
 
 

(END) Dow Jones Newswires

May 12, 2021 02:00 ET (06:00 GMT)

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