Powerhouse Energy Group PLC (AIM:PHE, ETR:BT81)’s waste-to-energy technology is to be reviewed by Mitsubishi Heavy Industries with regard to exploring potential commercial opportunities for developing waste plastic to hydrogen facilities in Japan.
Mitsubishi and Powerhouse partner Hydrogen Utopia International PLC (HUI) have both signed a letter of intent.
The Japanese company will have a period of one year to review the technology under the agreement, unless extended by mutual consent.
HUI said any decision to deploy the technology would be subject to further detailed agreement between the parties.
Aleksandra Binkowska, HUI chief executive, said: “Mitsubishi Heavy Industries has led the development of environmentally friendly technology in Japan for the last 40 years, helping to move towards a carbon neutral world. We are privileged and honoured to have entered into this agreement with Mitsubishi, which we are very hopeful will lead to a roll-out of HUI facilities across Japan.”
HUI markets Powerhouse's DMG technology outside the UK, with an agreement in October covering Poland, Greece and Hungary and other overseas territories on a non-exclusive basis.
DMG uses waste plastic, end-of-life-tyres, and other waste streams and can efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived.
In a separate announcement, Powerhouse announced that it has appointed Gill Weeks OBE as a non-executive director with immediate effect.
An industry expert within the field of waste, environment and resource management, Weeks brings scientific and legal expertise, having chaired government, trade body and Environment Agency committees and served on the Environment Agency board.
She was a board member at the Environment Agency for seven years until 2021 where she was chair of the Environment and Business Committee.
Weeks said: “I am delighted to be joining Powerhouse Energy at an exciting time as it aims to become a global leader in technology solutions that transform plastics and waste into clean energy. I look forward to bringing my expertise to the board and working with the Powerhouse team as it seeks to help the world transition to clean energy, whilst providing a solution to end-of-life plastic.”
Chairman James Greenstreet said: "Gill’s experience and expertise within waste, environment and resource management will undoubtedly help Powerhouse as it looks forward to delivering the UK’s first facility at Protos and see its technology rolled out internationally”.