Proactive Investors - Run By Investors For Investors

Powerhouse Energy takes "important step" to commercialisation as it inks lease for site to develop hydrogen energy tech

The site, located on the Protos energy hub near Ellesmere Port in Cheshire, was expected to be the first full-scale commercial site for the company's DMG technology and an “important step” in its commercialisation strategy
Green hydrogen
DMG converts waste plastic and tyres to hydrogen gas which can then be used to generate electric power or charge fuel cells

PowerHouse Energy Group PLC (LON:PHE) shares rose on Wednesday after revealing that, along with its development partner Waste2Tricity Limited (W2T), it has signed a lease for a plot on the Protos energy hub to develop its hydrogen-from-waste technology.

The group said the hub, located near Ellesmere Port in Cheshire, was expected to be the first full-scale commercial site for its DMG technology, an “important step” in its commercialisation strategy.

READ: PowerHouse Energy closes in on first commercial contract

DMG converts waste plastic and tyres to hydrogen gas which can then be used to generate electric power or charge hydrogen fuel cells used in cars and other vehicles.

The company added that it would now focus on licensing the DMG technology on the site while W2T would complete power purchase agreements and secure a plastic supply.

The £700mln Protos site is being developed by Peel Environmental, a subsidiary of leading UK infrastructure firm Peel Group, and clusters complementary businesses involved in energy generation, associated supply chains, and energy-intensive industries.

PowerHouse’s chief executive, David Ryan, said the development was a “significant strategic development” and that the site would be an “ideal location” to showcase the DMG technology which in turn would pave the way for “other contracts in the pipeline to come to fruition”.

Myles Kitcher, managing director of Peel Environmental, added that the hydrogen generated by the site could be used to power buses and HGVs in the region, as well as being “the first of many opportunities to roll out the technology across other Peel sites in the UK”.

In afternoon trading, shares in Powerhouse Energy were 2% higher at 0.53p.

 -- Adds share price --

View full PHE profile View Profile

PowerHouse Energy Timeline

Related Articles

oil rig
May 08 2019
The NJOM3 well will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones
Ukraine oil well
April 30 2019
In Ukraine, the Group’s assets are located near to Poland and Romania
oil well
May 02 2019
US Oil & Gas has submitted an application to frack the Eblana-3 well along with a hydrogeology report.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use