Powerhouse Energy Group (AIM: PHE) announced that it has signed non-binding Heads of Terms with Hydrogen Utopia International Limited (HUI) with a view to granting HUI an exclusive non-transferable licence for the application of its DMG® technology in Poland.
The UK technology company focused on commercialising hydrogen production from waste plastic told investors this morning that it had agreed to the technology licence yesterday.
It said the use of DMG®, which is designed to convert waste plastic into a syngas and/or hydrogen, will be subject to a formal agreement being reached between the group and HUI.
The DMG® technology utilises 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.
Shares in Powerhouse Energy Group have increased by over 10% in the past two weeks to open 9.43% higher at 2.9p this morning following the announcement.
Powerhouse said the DMG® technology process can generate up to 2 tonnes of road-fuel quality hydrogen and more than 58 megawatt per hour of exportable electricity per day.“Powerhouse looks forward to working with HUI on the potential use of our DMG technology being rolled out in Poland,” commented Tim Yeo, Chairman of Powerhouse Energy Group.
“We believe that the DMG System is the one that will help save the world from unrecyclable plastic and we are thrilled that Poland will lead the way in creating low cost hydrogen and we hope that other countries will take our lead,” said Aleksandra Binkowska, Founder of HUI.
Following this signing HUI paid Powerhouse a non-refundable deposit of €100,000. The company added that more information about HUI's plans for the technology roll-out in Poland and the partners with whom it will be working in Poland ‘will be published in due course.’
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