Business
Appointment of representative in Northern Ireland
Appointment of representative in Northern Ireland.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n \n30 May 2023\n \nPowerhouse Energy Group Plc\n (the \"Company\" or \"PHE\")\n \nAppointment of representative in Northern Ireland\n \nPowerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy, is pleased to announce that it has entered into an agreement with Noage Energy Ltd (\"Noage\") to act as a representative of PHE in Northern Ireland (the \"Agreement\").\n \nUnder the Agreement Noage will work on behalf of PHE to establish a project using Powerhouse technology converting waste materials to energy. Noage has already identified a potential site and will assist PHE negotiating access to the property and obtaining the necessary permissions to construct and operate the facility. Noage will also then collaborate with PHE to put in place feedstock supply and local offtake agreements, as well as providing general assistance.\n \nPHE will pay Noage a fee of £50,000 on entering the agreement. Noage will also receive a number of success related fees, payable on completion of specified milestones, giving it the possibility of receiving total fees of £1.725 million for a fully implemented project (including the initial fee). The Agreement has an initial term of five years, but can be extended for a further two years on the request of Noage. Under the arrangement, however, all contractual commitments with third parties will be with PHE directly and Noage will not be able to give commitments on PHE's behalf.\n \nKeith Riley, Acting CEO of PHE, commented:\n\"Noage has already demonstrated itself to be a proactive partner in bringing a project opportunity in Ballymena to PHE and identifying the various elements required to bring it to fruition. PHE looks forward to working with Noage and building a fruitful relationship. We foresee Ballymena as hosting the second PHE project in the United Kingdom and Northern Ireland, alongside that at Protos in Cheshire and anticipate that the Ballymena project will focus, initially at least, on power production ra...