Business
Development partner signs letter of intent
Development partner signs letter of intent.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n 30 November 2021\n Powerhouse Energy Group plc\n (\"Powerhouse\" or the \"Company\")\n Development partner, Hydrogen Utopia International, signs Letter of Intent with Bulgarian city\n Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from waste plastic, is pleased to note that its development partner, Hydrogen Utopia International PLC (HUI), has signed a letter of intent with the City of Simitli, Bulgaria.\n The letter sets out HUI's intention to build and manage a Distributed Modular Gasification plant (DMG®) using Powerhouse’s technology sited in a commercial sector close to existing waste remediation facilities in Simitli in the south-west of Bulgaria. The project would be subject to approval by Powerhouse.\n Powerhouse is pleased to see HUI’s progress in Bulgaria. Powerhouse announced on 7 October 2021 that it had entered into a binding collaboration agreement (the “Collaboration Agreement”) with HU2021 International UK Limited, a wholly owned subsidiary of Hydrogen Utopia International PLC, to market the deployment of DMG® technology in territories outside the UK. \n All potential projects under the Colloboration Agreement are subject to approval by Powerhouse and the formal IP Implementation licence to HUI for construction of its projects approved by Powerhouse, which will cover the licence fees to be received by Powerhouse for any deployment of the DMG technology, has yet to be agreed.\n -ENDS-\n For more information, contact: \n \n \n \n Powerhouse Energy Group plc\n \n Tel: +44 (0) 203 368 6399\n \n \n James Greenstreet, Non-Executive Chairman \n \n \n \n \n \n \n \n \n WH Ireland Limited (Nominated Adviser)\n \n Tel: +44 (0) 207 220 1666\n \n \n James Joyce/ Megan Liddell\n \n \n \n \n \n \n \n \n Turner Pope Investments (TPI) Ltd (Joint Broker)\n Tel: +44 (0) 203 657 0050\n \n \n Andrew Thacker / James Pope\n \n \n \n \n \n \n \n \n SisterSmith PR (media enquiries)\n \n Becca Smith \n \n \n Mob: +44 (0) 7766522305\n \n \n Notes to Editors:\n About Powerhouse Energy Group plc\n Powerhouse has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable p...