Business
Proposed Joint Venture with Peel at Protos
Proposed Joint Venture with Peel at Protos.
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 5 September 2022\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 Proposed Joint Venture with Peel at Protos Energy Park\n \n \n \n \n \n \n \n \n Powerhouse Energy Group PLC (AIM: PHE), the pioneering integrated technology company which converts non-recyclable waste into low carbon energy, announced on 15 August 2022 that the Company was\n taking a 50% shareholding in Protos Plastics to Hydrogen No 1 Ltd.\n The Company is pleased to announce that it has now agreed variations to existing agreements with Peel NRE Ltd as follows:\n \n \n \n \n \n \n Collaboration Agreement\n \n \n \n \n \n \n \n \n Collaboration Agreement dated 9 August 2019 made between (1) Peel Environmental Limited (2) Waste2Tricity Limited (3) Waste2Tricity (Protos) Limited and (4) Powerhouse Energy Group Plc as\n amended by a letter dated 29 October 2021 - this agreement has been extended until 31 March 2023.\n \n \n \n \n \n The Collaboration Agreement was signed in August 2019 and establishes the formal relationship between PHE and Peel to develop a project using PHE's DMG Technology on the Protos site. It commits the counterparties to seeking funding for the initial development and working together on 10 further projects. It also commits the counterparties to exclusivity and \"non-compete\" and mutual confidentiality during the Collaboration Period.\n \n \n \n \n \n \n Option for Exclusivity\n \n \n \n \n \n \n Option for Exclusivity dated 6 March 2020 in respect of the development and deployment of Distributed Modular Gasification technology - a deed of variation has been signed extending the Option End Date to 31 March 2023.\n \n \n \n \n \n Under this agreement, PHE granted Peel an option to enter into an Exclusivity Agreement with PHE in consideration of a payment to PHE of £500,000, superseding relevant terms set out in the Collaboration Agreement. The Option period commenced on PHE agreeing to acquire the entire s...