Powerhouse Energy Group plc (AIM: PHE), the UK technology
company commercialising hydrogen production from waste
plastic, will be holding its Annual General Meeting ("AGM")
today at 11.00 a.m. at the offices of
Fladgate LLP, 16 Great Queen Street, London WC2B 5DG.
Tim Yeo, Executive Chairman, will
provide the following update at today's meeting:
“I wish to take this opportunity of bringing shareholders up to
date with what we are doing at Powerhouse.
First and foremost we remain focused on the project that remains
our top priority - building our first commercial scale plant at
Protos. Success with this project will open a worldwide market for
our clean technology.
This project is being undertaken by Protos Plastics to Hydrogen
N0. 1 Limited, the special purpose vehicle (SPV) set up for this
purpose. Following discussions with Peel NRE about funding earlier
this year Powerhouse agreed to provide the SPV with a short-term
loan facility of £3.8 million which was announced on 12 May 2021.
This facility ensures that long-lead items of equipment will be
available timeously to progress the plant. We have already
committed to securing orders for some specialist materials so
meaning that we can secure a short overall project delivery period
from commencement to completion. The loan facility is also enabling
early preparatory work to proceed on site.
Since announcing this facility we have continued to work very
closely with Peel with the aim of reaching financial close on the
SPV by 31 October 2021.
In addition, the appointment of Ian
Crockford to run the SPV has greatly strengthened the
management team working on the project. Ian is overseeing the
procurement and risk management to ensure that there is a robust
contracting position for this first of a kind (FOAK) project.
FOAK projects, are by their nature, subject to technology risk
which can make it hard to forecast a completion date until an
experienced contractor is committed. We are nearing the appointment
of a contractor and are therefore confident that the steps we have
taken in the last few months are consistent with a completion date
during 2023. We will update shareholders regularly on
anticipated milestone dates.
Turning to other subjects I am pleased that Peel is progressing
land use planning matters for the second DMG® plant which will
be built in Glasgow at the
Rothesay Dock on the north bank of the River Clyde, not far from
where COP26 will take place in
November. The location of a hydrogen re-fuelling station at this
site is a reminder of the potential for DMG® plants to play an
important role in supplying clean transport fuels in the UK and
abroad, thereby delivering environmental benefits in the form of
lower CO2 emissions and improved air quality.
The search for our new CEO is progressing well with the help of
Egon Zehnder. Myles Kitcher and I are starting to interview
candidates next month.
We continue to strengthen our management team. In September a
new Business Development Executive will join us to help deal with
the increasing number of inquiries we receive from different parts
of the world.
We also continue to support Hydrogen Utopia International in
their deployment of DMG® technology in Poland, Greece and Hungary.
The board is confident about the outlook for Powerhouse and we
look forward to updating shareholders later this year when we
publish our half year results at the end of September.”
Myles Kitcher, Managing Director
Peel NRE, part of Peel L&P and Non-executive Director of
Powerhouse, said: “We are in the final stages of securing the
construction contracts and expect to announce financial close very
soon. We have commenced the civil engineering works with
significant progress in the delivery of the new site access and in
For more information,
|Powerhouse Energy Group
||Tel: +44 (0) 203 368 6399
|Tim Yeo, Executive
|WH Ireland Limited (Nominated
||Tel: +44 (0) 207 220 1666
|James Joyce/ Lydia Zychowska
|Turner Pope Investments
(TPI) Ltd (Joint Broker)
||Tel: +44 (0) 203 657 0050
Mob: +44 (0) 7766522305
Notes to Editors:
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology - DMG®
- which can utilise waste plastic, end-of-life-tyres, and other
waste streams to efficiently and economically convert them into
syngas from which valuable products such as chemical precursors,
hydrogen, electricity and other industrial products may be derived.
Powerhouse’s technology is one of the world's first proven,
distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of
road-fuel quality hydrogen and more than 58MWh of exportable
electricity per day.
Powerhouse’s process produces low levels of safe residues and
requires a small operating footprint, making it suitable for
deployment at enterprise and community level. As announced on
11th February 2020 under its
Supplemental Agreement with Peel Environmental, Powerhouse will
receive an annual license fee of £500,000 in respect of each
project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market
under the ticker: PHE and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.co.uk