Business
Protos Development Funding
Protos Development Funding.
About this update from Powerhouse Energy Group Plc
[{"type":"text","content":"\n \nPowerHouse Energy Group plc\n\n(\"PowerHouse\" or the \"Company\")\n\n19th December 2019\n\nProtos Development Funding\n\nPowerHouse Energy Group plc (AIM: PHE), the UK technology company pioneering hydrogen production from waste plastic, is pleased to announce significant progress towards the first commercial operation of DMG® Technology at Protos in the UK.\n\nPeel L&P Environmental, have completed their review of the completed engineering work and moved to commitment to the next stage of development and engineering for the Protos Energy Park. Peel are committing to fund the next stage of development of the DMG® plant at Protos up to a financial close, the point at which full project third party funding is secured.\n\nWith preliminary engineering for the site having been completed, the design has progressed such that the DMG® facilities at Protos would now have the capacity to process 35 tonnes per day of waste plastics, targeting to produce 3.8MWe on site and exporting 3.4MWe electricity and up to 2 tonnes of hydrogen per day from the site. The planning permission application is currently under review.\n\nIn the next stage Peel will place contracts with engineering contractors for the management, civil and plant engineering design all of which are expected to be placed in January 2020. The Peel commitment will extend to other site planning, feedstock and site infrastructure activities, including the provision of engineering services by PHE.\n\nThis next stage in the project forms part of the collaboration agreement signed in August 2019 with Peel Environmental and Waste2tricity to develop a minimum of 11 sites in the UK for DMG® facilities. All parties in the collaboration have also been involved in developing the future deployment plans across the other 10 sites and further announcements will be made when these commitment contracts are completed.\n\nPeel have a strategy to develop “Plastic Parks†where waste plastics are recycled and regenerated. Peel’s plans are to bring together potential counterparties for waste, power and hydrogen with a nett negative CO2 contribution for each site. PHE’s DMG® process will be an enabling technology to ensure no plastic is sent to landfill from these sites by regenerating the waste plastic into power and hydrogen.\n\nDavid Ryan, CEO of PowerHouse Energy, commented:\n...