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.
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.