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 DMG system is a global revolution and it is reassuring to have SWECO on my side to build the first one in Poland," said Aleksandra Binkowska, the CEO of Hydrogen Utopia International
“Over four years of the technology development team’s work has gone into this procurement decision," said David Ryan, the chief executive officer of Powerhouse.
A glance at some of the day's highlights from the Proactive Investors newswire
“Plastic is often demonised, but we have seen how essential it is in industries like healthcare," said Richard Barker, a Peel NRE director
The company said it will provide up to £3.8mln to secure long lead time items and project design services in respect of the Protos project prior to securing long-term debt funding arrangements
The use of this technology, which is designed to convert waste plastic into a syngas and/or hydrogen, is subject to a formal agreement being reached between Powerhouse and Hydrogen Utopia
The sustainable hydrogen company pioneering hydrogen production from waste plastic issued a progress report on its activities in the UK and Poland.
“As we look ahead to the all-important United Nation’s Climate Change Conference of the Parties (COP26) in Glasgow later this year, we hope Powerhouse technology can be championed as a part of the solution to the world’s environmental chall
The placing was conducted by Powerhouse's broker, Turner Pope, and broadens the company's institutional investor base
The company will use the money raised to buy long-lead items before the formal financial close of the first commercial-scale DMG installation
The hydrogen specialist said the committee will scrutinise greenhouse gas emissions caused by its own activities as well as those of its suppliers and customers in order to achieve continuous performance improvements
Shares in Powerhouse Energy jumped by around 50% on Tuesday to close at 7.65p, having opened trade at 5.00p
Archive
A glance at some of the day's highlights from the Proactive Investors newswire
The developer of the DMG system has been on a hiring spree and has developed a solution to enable the site to export larger volumes of hydrogen
David Ryan requested to concentrate specifically on the technology, delivering the application on the Protos project and on building Powerhouse's executive management and operating teams
Archive
A glance at some of the day's highlights from the Proactive Investors newswire
“Powerhouse look forward to working with HUI on the potential use of our DMG technology being rolled out in Poland”
"We are delighted that our DMG technology is to play such a key role in Peel L&P Environmental's Plastic Park strategy,” said chairman Tim Yeo
The company will appoint Mark Berry as non-executive director, as former chairman and current director Dr Cameron Davies retires from his position on March 31, 2021
The Protos operation, near Ellesmere Port in Cheshire, received planning permission in March
