Business
Extension of agreements with Peel
Extension of agreements with Peel.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n \n \n NOT 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 \n \n \n \n \n \n 3 April 2023\n \n \n \n \n \n \n Powerhouse Energy Group Plc\n \n \n \n (the \"Company\" or \"PHE\")\n \n \n \n \n \n \n \n \n Extension of agreements with Peel\n \n \n \n \n \n \n \n \n Powerhouse Energy Group Plc (AIM: PHE), a company pioneering integrated technology which converts non-recyclable waste into low carbon energy, is pleased to announce that it has extended the validity of the Collaboration Agreement with Peel NRE Ltd (\"Peel\"), the Peel Exclusivity Agreement Option and the Loan Facility agreement between PHE and Protos Plastics to Hydrogen No 1 Ltd (the \"SPV\"). As announced on 15 August 2022, these agreements were extended until 31 March 2023. They are now being extended further to 29 April 2023.\n \n \n \n \n \n The Company has also extended the long-stop date for the Subscription and Warrant Agreement dated 9 September 2020 made between (1) Peel Holdings (IOM) Limited (\"Peel\") and (2) Powerhouse Energy Group Plc (the \"Agreement\"). The Agreement was originally announced as part of a wider fundraising in which ordinary shares in PHE were issued for cash at 2.5p per share. As announced on 12 September 2022 the Agreement was extended to 31 March 2023. This has now been extended to 29 April 2023. \n \n \n \n \n \n As announced on 5 September 2022, the parties have been in discussion regarding the Company taking a 50% shareholding in the SPV for the plastics to hydrogen project at Protos, near Ellesmere Port. Consideration is now being given to PHE potentially acquiring the whole of the shareholding of the SPV. The extensions to the agreements announced above should enable the decision-making process and the documentation to be finalised. There can be no certainty that any agreements will be entered into. Further details will be announced in due course.\n \n \n \n \n \n \n \n \n \n \n \n \n \n Keith Riley, Acting Chief Executive Officer of PHE, commented:\n \n \n \n \n \"Formation of the joint venture with Peel has taken longer than antici...