Powerhouse Energy and Hydrogen Utopia have agreed on terms for the joint development of a non-recyclable plastic waste-to-hydrogen facility site at Longford, Republic of Ireland.
Work had been paused on the project in October while the two companies assessed their options, but an agreement to move forward has now been reached.
Under the amended terms, each company will now own 50% of developer Eranova with development costs to be shared equally.
Initial financing is being provided by Hydrogen subsidiary AFT and Powerhouse's PHE International by way of shareholder loans (for a maximum of €200,000 each) under separate agreements.
PHE is also required to make an immediate payment of £100,000 to HUI in addition to £100,000 already paid.
A further payment of £100,000 in cash will also be made by PHE to HUI once planning permission has been granted for Longford.
Paul Emmitt, Powerhouse chief executive, commented: "PHE has always been committed to this JV and after working with Aleksandra Binkowska and the HUI team, I am pleased that mutually agreeable terms have now been reached."
Aleksandra Binkowska, HUI’s chief executive, added: "Maintaining a strong allegiance with PHE has been a cornerstone for HUI, and I am thrilled about finalising the Irish joint venture agreement.
"Both HUI and PHE are dedicated to establishing what we believe will be one of the first plastic waste to hydrogen facilities.”