Business
Full Year Business Update
Full Year Business Update.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \n 9 January 2018\n\nPowerHouse Energy Group plc(“PowerHouse†or the “Companyâ€)\n\nFull Year Business Update\n\nPowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic and used tyres, is pleased to provide the following update on the Company’s progress during the financial year ended 31 December 2017.\n\nMajor progress has been made in the process of seeking the commercialisation of the Company’s core technology, the PowerHouse G3-UHt Distributed Modular Gasification (DMG®) system. This low-cost system has been developed specifically to convert almost all types of waste plastic into a synthesis gas (“syngasâ€) delivering a high proportion of hydrogen of road fuel quality for use in fuel cell cars, trucks and buses.\n\nPowerHouse’s distributed model and use of waste plastic and used tyres as feedstock means that, for the first time, hydrogen can be sold as a road fuel at or near the point of production and at a cost competitive with current hydrocarbon fuels. This underlines the ground-breaking potential of PowerHouse’s technology as to date the production and delivery costs of hydrogen have prohibited its widespread use as a road fuel.\n\nThe DMG® system continues to generate significant interest from both domestic and international partners, in part reflecting the urgency of finding a solution for the worldwide problem of waste plastic pollution. Growing media attention, such as the Sky Ocean Rescue campaign and the BBC’s Blue Planet II, has heightened interest in this issue.\n\nThe attractions of the DMG® system are further reinforced by China’s recent decision to ban the import of waste plastic from the UK and other countries. The UK alone will be forced to find new ways to deal with approximately 500,000 tonnes of plastic previously shipped to China each year.\n\nProgress achieved during the year to 31 December 2017 includes:\n\n\nBoard strengthened in October 2017 by the appointment of Dr Cameron Davies as Non-Executive Chairman, founder and former CEO of Alkane Energy plc with a PhD in Applied Geochemistry from Imperial College London and more than 20 years’ experience in power generation and the energy industry...