Waste-to-energy specialist PowerHouse Energy Group PLC (LON:PHE) has secured funding from a “large corporate partner” which has committed up to £500,000 to the AIM-quoted group.
The name of the partner hasn’t been revealed, but PHE said it was based in the UK and has previous involvement in the development of waste-to-energy projects.
WATCH: 'All hands on deck' at PowerHouse Energy
Subject to achieving certain performance milestones with its G3-UHt demonstration unit, PowerHouse will receive the cash in two tranches.
The money will then be used to prepare and fund various permit applications for the initial demo unit at Thornton Science Park as well as the first five complete G3-UHt systems.
The agreement requires those five units to be supplied at locations of the partner’s choosing on a prioritised basis, based upon the completion of UK certifications and demonstration of the G3-UHt unit in active operation.
“It is gratifying and reassuring to have attracted a significant and large corporate partner to work with PHE and Waste2tricity Ltd [which is developing the technology alongside PowerHouse],” said chief executive Keith Allaun.
“This event marks a turning point in the commercial development of the company.”
In late afternoon trading, PowerHouse Energy shares were 10%, or 0.075p higher at 0.825p.
What is a waste-to-electricity system?
As the name suggests, PHE’s G3-UHt system transforms rubbish into electricity with no toxic by-products and effectively zero greenhouse gases.
At the heart of the gasification unit is a reactor that works oxygen-free at ultra-high temperatures to atomise virtually all household or industrial waste.
What’s created is a synthesis gas, or syngas for short, that can be used to generate electricity.
With a little more processing hydrogen can be produced which could then be used to replenish fuel cells. The by-product of all this is an inert substance that can be moulded into bricks or used as ground covering.
Don’t confuse this sophisticated recycling system with incineration, which works at far lower temperatures and leaves behind all sorts of toxins - not to mention significant amounts of ash.
The G3 system’s de-molecularisation capabilities allow for complete detoxification of waste-streams.
There are all manner of applications for a technology that is able to recover up to 90% of the energy value of a material put through the reactor.
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