PowerHouse Energy Group Plc (LON:PHE) shares rose today after revealing a deal with Qatar based consulting firm, Energy & Environment Holding (EEH), which could ultimately lead to the AIM-quoted group providing its technology for fuelling in time for the 2022 FIFA World Cup.
In late afternoon trading, PowerHouse shares were up 11.6%, or 0.13p to 1.20p.
Through a memorandum of understanding, the companies will jointly investigate the potential of establishing a network of Powerhouse’s Distributed Modular Gasification (DMG) systems which convert waste to hydrogen.
Powerhouse explained that the objective of the project is to install a number of low-cost, low-carbon, hydrogen refuelling stations to support potential fleets of hydrogen powered buses, taxis, and other vehicles.
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An early review of the project suggests it could comprise some 20 DMG systems in Doha and surrounding areas. It would provide sufficient hydrogen to supply several thousand cars and buses leading up to, and in support of, the 2022 FIFA World cup.
“This represents a very significant step forward for the progress of PowerHouse and its technology,” said Powerhouse executive chairman Keith Allaun.
“The recent successful testing of our reconfigured G3-UHt facility was a necessary and vital step in providing proof of concept of our technology and this MOU, with EEH, whilst currently non-binding, provides third-party validation.”
“While this is only in its early stages, this concept is precisely the vision we’ve held for the commercial roll-out of DMG - both in the UK and elsewhere.”
READ: PowerHouse Energy fired up over successful extended G3 trial
EEH’s Roudi Baroudi, who will oversee the development of the joint venture, meanwhile, said: “Qatar has significant waste difficulties, and PowerHouse’s technology provides a safe, clean, and sustainable solution for dealing with some of this waste, at the same time providing state-wide availability of low-cost vehicular hydrogen.
“Qatar will become the first country globally to enjoy this level of coverage, so in environmental terms, this is not just, a significant step forward for the country, but also a compelling example for the entire international community.”
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