Powerhouse Energy Group PLC (LON:PHE) said its relationship with Hydrogen Utopia International (HUI) could be extended beyond Poland to include Greece and Hungary.

HUI, which is looking at deploying Powerhouse’s waste-to-energy DMG technology in Poland, has expressed an interest in broadening the relationship.

READ Powerhouse Energy to team up with Hydrogen Utopia in Poland

If the two parties firm up on the deal, HUI will pay Powerhouse €250,000, of which €25,000 is payable immediately with the balance becoming payable when the conditions of the heads of terms agreement are satisfied.

Powerhouse will continue to receive a licence fee for any DMG plant that becomes operational in any location so the company’s worldwide rights to the technology are not affected by these heads of terms.

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 HUI.

“Powerhouse is pleased to extend the countries in which it is intended HUI will help deploy its DMG technology to include Greece and Hungary having already entered a MOU [memorandum of understanding] in relation to Poland. This is part of our long-term vision for rolling out sustainable hydrogen technology internationally. We believe this will accelerate the clean energy transition in both Hungary and Greece and provide those countries with a solution to end-of-life plastic,” said Tim Yeo, the executive chairman of Powerhouse Energy Group.

Aleksandra Binkowska, the chief executive officer of HUI, expressed delight at the strengthening alliance between the two companies.

“Since our first MOU in November, our mutual work has been very successful. Now with potentially three territories under our umbrella, I believe that this will help speed up the DMG system rollout. The Polish Centre of Hydrogen is still our main target, but we are more than pleased to have new opportunities in new markets to target for the proposed expansion of DMG to the mutual benefit of Powerhouse and HUI,” Binkowska said.

 

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