Powerhouse Energy Group PLC (AIM:PHE, FRA:BT81) has signed a binding agreement for the exclusive use of its waste to energy DMG technology in Poland, Greece and Hungary with Hydrogen Utopia International PLC (HUI).
HUI wants to develop power projects using Powerhouse’s technology in these counties through partnerships and deals with states, regional authorities and the private sector.
The two companies had already signed non-binding deals for the three countries but HUI will now pay a further €625,000 in two tranches plus royalties for exclusivity.
Powerhouse added it will continue to receive a licence fee for any DMG plant which becomes operational in any location in the world.
Consequently, the company’s worldwide rights to ongoing licensing fees for the DMG technology are unaffected by this exclusivity agreement.
James Greenstreet, Powerhouse Energy.s non-executive chairman, said: “Powerhouse is pleased to sign this binding exclusivity agreement with HUI which is a champion of our technology, seeking to drive its rollout across Poland, Greece and Hungary.
“This builds on our announcement of 12 November 2020 and is part of our long-term vision for DMGtechnology to be deployed internationally, helping the world transition to clean energy whilst providing a solution to end-of-life plastic.”
Aleksandra Binkowska, CEO of HUI, said: “HUI will use its local networks and relationships in the countries licensed to it to help to look to secure project approvals, finance and technical expertise to facilitate the deployment of DMG technology.”
Powerhouse’s proprietary process technology - DMG - can utilise waste plastic, end-of-life-tyres and other waste streams to efficiently and economically convert them into syngas.