Hydrogen Utopia International gets warm welcome on first day of AQSE trading
The shares quickly jumped in early trading from its 7.5p inception price, rising above 14p by midday
Company
LON:PHE
Powerhouse Energy has developed a process technology which can utilise waste plastic, end-of-life-tyres, and other waste streams to convert them efficiently and economically into syngas from which valuable products such as chemical precursors, hydrogen, electricity, heat and other industrial products may be derived. The company's process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level.
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The shares quickly jumped in early trading from its 7.5p inception price, rising above 14p by midday
It builds on a collaboration deal that was announced in early October
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Linde has been granted the exclusive right to supply HUI in HUI’s development of Powerhouse DMG technology
The company’s priority remains to ensure the first hydrogen facility using its DMG technology, based at its UK partner Peel NRE’s Protos site, becomes fully operational during 2023
“Powerhouse is pleased to sign this collaboration agreement with HUI which is championing our technology across Europe and potentially the rest of the world,” said chairman, James Greenstreet
The company said it is in the final stages of appointing a new chief executive officer
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Hydrogen Utopia International has raised £2.2mln to fund the build
PHE in a release Monday said Hydrogen Utopia International (HUI), which is a DMG licensee, had been working with the German group – most recently on a technical feasibility evaluation
Powerhouse will continue to receive a licence fee for any DMG plant which becomes operational
Greenstreet has been a non-executive director of Powerhouse since 2011
It wants to build the 13,500-tonne facility at the Rothesay Dock on the north bank of the River Clyde, West Dunbartonshire
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Powerhouse has worked very closely with Engsolve for the last four years
Tim Yeo said the success of the project will “open a worldwide market for our clean technology”
Peel NRE, part of Peel L&P, has signed a letter of intent to supply hydrogen from its planned rollout of plastic-to-hydrogen facilities to Element 2’s proposed network of hydrogen refuelling stations
The group currently has two plants under development with partner Peel NRE
The consultant's report will be used by Powerhouse’s partner Peel, and their consultants and contractors to support the finalisation of contracts for the Protos Energy Park
Paul Emmitt will join the company with immediate effect and will take over responsibilities for the firm's technology development programme