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Powerhouse Energy surges as Japanese government endorses DMG technology

The Japanese Ministry of Economy Trade and Industry said the firm's waste-to-energy technology was a “major competitor” in the low-cost production of hydrogen

green hydrogen
The Ministry also commended the environmental advantages of DMG

Powerhouse Energy Group PLC (LON:PHE) surged on Wednesday as the Japanese government threw its support behind the firm’s DMG waste-to-energy technology.

The AIM-listed group said a letter of support from the Japanese Ministry of Economy Trade and Industry followed “many months” of engagement and contained a commendation regarding the environmental advantages of DMG.

READ: Powerhouse Energy seeing 'overwhelming' interest in energy from waste tech

Powerhouse added that the Ministry considered the technology to be a “major competitor” in the low-cost production of hydrogen as well as providing “incredible value” to the promotion of the global energy transition and decarbonisation process.

While the letter had no immediate commercial benefit, the company said it looked forward to the “future development of opportunities” arising from the engagement with the Japanese government.

In mid-morning the shares had risen 7.1% to 0.46p.

Quick facts: Powerhouse Energy Group PLC

Price: 3.65 GBX

LSE:PHE
Market: LSE
Market Cap: £128.3 m
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