Business
Joint Venture with HUI Plc
Joint Venture with HUI Plc.
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 21st March 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 Heads of Terms for a Joint Venture with Hydrogen Utopia International Plc for a non-recyclable\n \n \n \n \n Waste Plastic to Hydrogen facility in the Republic of Ireland\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 agreed Heads of Terms (\"HoTs\") with Hydrogen Utopia International Plc (LON: HUI) (\"HUI\") for the proposed joint development of a non-recyclable plastic waste-to-hydrogen facility site at Longford, County Longford in the Republic of Ireland (the \"Longford Project\"). Under the HoTs, PHE and HUI have agreed to use a joint venture vehicle, incorporated in Ireland, with equal shareholding by each party and development costs being contributed to on a 50:50 basis.\n \n \n \n \n \n PHE has agreed to pay HUI a non-returnable payment of up to £400,000 in cash in recognition of HUI's contribution to identifying the Longford Project, securing the option to lease and progressing the project. This cash payment comprises an initial payment of £100,000 on signing the HoTs and a further payment of £100,000 upon finalisation of the project documentation between HUI and PHE - principally comprising a development agreement and a shareholder agreement. PHE has agreed to make a further payment of £200,000 in cash to HUI once planning permission has been granted for the Longford Project on the Longford Site.\n \n \n \n \n \n The Longford Project will be located at Fisherstown Energy Park, which has its own electrical grid connection, an electrical substation and the potential to utilise existing wastewater treatment facilities on site. The site has good road access and is within easy reach of the M4 and M6 motorways, which provide access to Dublin and Galway. HUI\n '\n s wholly owned Irish subsidiary has secured...