LONDON: Powerhouse Energy Group plc, the UK technology company commercialising hydrogen production from waste plastic, 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 use of this technology, which is designed to convert waste plastic into a syngas and/or hydrogen, will be subject to a formal agreement being reached between Powerhouse and HUI.
Tim Yeo, Chairman of Powerhouse Energy Group, said: “We are delighted to have signed Heads of Terms with HUI. Powerhouse look forward to working with HUI on the potential use of our DMG technology being rolled out in Poland.”
Aleksandra Binkowska, Founder of HUI, said: “It is a privilege and honour for HUI to enter into heads of terms in relation to rights to the technology of Powerhouse as the first company on the Continent. At HUI 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. On behalf of HUI I would like to thank the Board of Powerhouse for this opportunity and partnership.”
Following this signing HUI paid Powerhouse a non-refundable deposit of €100,000.
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. www.powerhouseenergy.net
Hydrogen Utopia International was founded in 2020 by Aleksandra Binkowska with the aim to turn Poland and the EU to net positive through using unrecyclable plastic and transforming it into low cost hydrogen and electricity. The UK based technology company is actively working with the EU to gain funding and subsidies for the first waste to energy DMG plant in Konin, Poland.