POWERHOUSE ENERGY GROUP PLC - Collaboration Contract
POWERHOUSE ENERGY GROUP PLC - Collaboration Contract
London, August 11
12 August 2019
PowerHouse Energy Group plc
("PowerHouse" or the "Company")
Collaboration Contract with Peel Environmental for Eleven DMG® Sites
PowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic, is pleased to announce it has entered into a collaboration contract (the “Collaboration Contract”) with Peel Environmental (“Peel”) and Waste2Tricity Limited (“W2T”) to seek to develop a minimum of 10 further sites in the UK for DMG® facilities, in addition to the previously announced project at Protos Energy Park.
Peel have a strategy to develop “Plastic Parks” where waste plastics are recycled and regenerated. Peel’s plans involve bringing together potential counterparties for waste, power and hydrogen with a nett negative CO2 contribution for each site.
The PHE DMG® technology has been evaluated by Peel over the past 30 months and Peel have now committed that the DMG® process will be the key component of each facility and a cornerstone of each Peel “Plastic Park”. DMG® will be the enabling technology to ensure there is no plastic to landfill from these sites by regenerating the waste plastic into power and hydrogen.
Peel will be bringing their land bank, industrial real estate and infrastructure support to the consortium. PHE has an agreement with W2T enshrined in the Collaboration Contract under which W2T will act as project developer for each project and Peel will provide support to W2T with ongoing engagement with funders, with the intention of securing funding for the pipeline of 11 projects from institutional investors. PHE will be contracted to each project under development to provide the engineering, delivery, operation and licensing of the DMG® technology.
David Ryan, CEO of PowerHouse Energy, commented:
“This contractual agreement represents a substantial commitment from Peel to the wider deployment of DMG® Energy Recovery Technology in the UK. Their commitment to commercial and funding engagement is an important step for PHE. Peel will aid the roll out of the technology and importantly they share our vision of the great potential arising from the distributed hydrogen economy
We are hugely encouraged by the fact that we have demonstrated our technology to Peel over an extensive due diligence period and we have met the Peel criteria, not only technically but, more importantly, commercially. As one of the UK’s largest industrial landowners, Peel’s vast land bank, their expertise and their blue-chip counterparties committed to plastic recycling and hydrogen usage enable us to look forward to successful delivery of the projects under this contract and beyond.”
Myles Kitcher, Managing Director of Peel Environmental commented:
“Hydrogen is increasingly being seen as a vital part of our journey to zero carbon. This deal could be transformational in delivering a UK first technology that can generate local sources of hydrogen but also provide a solution to plastic waste. As a business we’re looking at solutions for all plastics with a vision for these facilities to sit alongside recycling and recovery.
“We’re pioneering this solution in the North West but local authorities across the country could benefit from a more sustainable way to treat waste plastic, whilst also creating a local source of low carbon transport fuel which could help them meet their climate change targets.”
John Hall, Managing Director of W2T commented:
“As pioneers of the low carbon distributed Hydrogen Economy we are delighted to see this collaboration with Peel Environmental, who have recognised the importance of hydrogen as a fuel for the future. Along with utilising a circular economy, this innovative technology will undoubtedly play an important role in helping the UK meet its net-zero carbon emissions by 2050, whilst tackling the country’s problem of how to dispose of waste plastic.
This agreement is an important first in the industry and exemplifies the circular economy. Here at Waste2Tricity we recognise the importance of moving away from a linear economy and embracing ways of working which minimises waste. Along with the magnitude of this project and a formal collaboration with Peel, we expect there will be increased investor interest who want to support this revolutionary technology across the UK.”
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For more information, contact:
|PowerHouse Energy Group plc||Tel: +44 (0) 203 368 6399|
|David Ryan, Chief Executive Officer|
|WH Ireland Limited (Nominated Adviser)||Tel: +44 (0) 207 220 1666|
|James Joyce / Chris Savidge|
|Turner Pope Investments Ltd (Joint Broker)||Tel: +44 (0) 203 621 4120|
|Ben Turner / James Pope|
|Ikon Associates (Media enquiries)||Tel: +44 (0) 1483 271291|
|Adrian Shaw||Mob: +44 (0) 7979 900733|
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. The PowerHouse technology is one of the world’s first proven, modular, hydrogen from waste (HfW) process.
The PowerHouse DMG® process can generate in excess of 1 tonne of road-fuel quality H2, and more than 58MW/h of exportable electricity per day.
The PowerHouse process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
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
About Waste2Tricity Limited
Waste2Tricity is a structured solutions provider to the energy-from-waste (EfW) sector, an industry supplying increasing amounts of electricity using feedstock diverted from landfill.
Waste2Tricity works with clients and partners to develop, fund and support EfW deployment projects that use proven technology, are profitable and progressive; projects that currently use high temperature gasification and either steam cycle or internal combustion engines/gas turbines (ICEs/GTs) to efficiently convert waste to energy.
For more information see www.waste2tricity.com
About Peel Environmental and Protos
Peel Environmental, part of Peel Land and Property (Peel L&P), owns and develops waste infrastructure projects. It has achieved consent for a range of energy infrastructure schemes including a 49MW Energy from Waste plant at Protos in Cheshire, 21MW Energy from Waste plant and 250,000tpa AD and MRF in Glasgow; and a 20MW Energy Centre at Houghton Main, Barnsley. Peel works with investors, waste management companies, technology providers and contractors to secure a deliverable business model for each project. www.peelenvironmental.co.uk
Peel Environmental brought forward and consented the Protos development, previously known as Ince Resource Recovery Park. The 54ha (134 acres) development site has full outline planning consent and part detailed planning consent for general manufacturing and distribution uses (B1, B2 & B8), as well as a biomass facility and an Energy from Waste facility.
Protos sits within the Energy Innovation District (EID) which brings together energy users, network owners, innovators and partners working alongside Cheshire & Warrington LEP, Cheshire West and Chester Council and the University of Chester. With the objective of driving down the cost of clean energy the EID is an opportunity to deliver a new decarbonised energy system for the North West of England, meeting the Government’s Clean Growth agenda while boosting economic growth and investment.
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